Rivian Automotive’s (RIVN) Buy Rating Reiterated at Benchmark

Benchmark restated their buy rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research note released on Tuesday,Benzinga reports. The brokerage currently has a $18.00 target price on the electric vehicle automaker’s stock.

A number of other research analysts have also recently issued reports on RIVN. TD Cowen started coverage on shares of Rivian Automotive in a report on Friday, March 7th. They issued a “hold” rating and a $12.70 target price for the company. Guggenheim dropped their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, February 24th. Needham & Company LLC increased their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a report on Friday, February 21st. Wells Fargo & Company increased their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Friday, February 21st. Finally, Mizuho dropped their price objective on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Monday. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company. According to MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $14.38.

Rivian Automotive Trading Down 4.2 %

NASDAQ RIVN opened at $10.88 on Tuesday. The stock has a market capitalization of $12.30 billion, a P/E ratio of -2.31 and a beta of 2.03. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $18.86. The firm has a 50-day moving average price of $12.45 and a 200 day moving average price of $12.19. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Equities research analysts expect that Rivian Automotive will post -3.2 EPS for the current year.

Insider Activity

In related news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,427 shares of company stock valued at $2,735,619. Company insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its stake in Rivian Automotive by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock worth $63,055,000 after buying an additional 133,781 shares during the period. SG Americas Securities LLC increased its position in shares of Rivian Automotive by 42.7% in the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock worth $2,404,000 after purchasing an additional 54,053 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Rivian Automotive in the 4th quarter worth about $1,382,000. Alberta Investment Management Corp bought a new stake in shares of Rivian Automotive in the 4th quarter worth about $6,648,000. Finally, Illinois Municipal Retirement Fund increased its position in shares of Rivian Automotive by 36.6% in the 4th quarter. Illinois Municipal Retirement Fund now owns 148,423 shares of the electric vehicle automaker’s stock worth $1,974,000 after purchasing an additional 39,751 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.