Rivian Automotive (NASDAQ:RIVN) Given Buy Rating at Canaccord Genuity Group
by Jessica Moore · The Cerbat GemRivian Automotive (NASDAQ:RIVN – Get Free Report)‘s stock had its “buy” rating reaffirmed by equities researchers at Canaccord Genuity Group in a report issued on Monday,Benzinga reports. They currently have a $22.00 price objective on the electric vehicle automaker’s stock. Canaccord Genuity Group’s target price indicates a potential upside of 47.23% from the stock’s current price.
Several other equities analysts also recently issued reports on RIVN. Morgan Stanley reissued an “underweight” rating and issued a $12.00 target price on shares of Rivian Automotive in a research report on Monday, December 8th. Wall Street Zen cut Rivian Automotive from a “hold” rating to a “strong sell” rating in a research note on Sunday, February 15th. Piper Sandler dropped their target price on Rivian Automotive from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. Deutsche Bank Aktiengesellschaft raised shares of Rivian Automotive from a “hold” rating to a “buy” rating and raised their price target for the stock from $16.00 to $23.00 in a research report on Friday, February 13th. Finally, Bank of America began coverage on shares of Rivian Automotive in a report on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 price objective on the stock. Eleven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $18.05.
View Our Latest Stock Analysis on Rivian Automotive
Rivian Automotive Stock Down 3.0%
RIVN traded down $0.46 during trading on Monday, hitting $14.94. The stock had a trading volume of 6,632,959 shares, compared to its average volume of 30,002,914. The stock has a 50 day simple moving average of $15.34 and a two-hundred day simple moving average of $15.95. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.89 and a current ratio of 2.33. Rivian Automotive has a twelve month low of $10.47 and a twelve month high of $22.69. The company has a market capitalization of $18.54 billion, a PE ratio of -4.87 and a beta of 1.69.
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last posted its quarterly earnings data on Thursday, February 12th. The electric vehicle automaker reported ($0.54) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.14. Rivian Automotive had a negative net margin of 67.68% and a negative return on equity of 65.05%. The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the prior year, the company posted ($0.70) earnings per share. The company’s revenue for the quarter was down 25.8% compared to the same quarter last year. On average, research analysts predict that Rivian Automotive will post -3.2 earnings per share for the current year.
Insider Transactions at Rivian Automotive
In other news, CEO Robert J. Scaringe sold 34,900 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total transaction of $586,320.00. Following the sale, the chief executive officer directly owned 1,044,731 shares of the company’s stock, valued at $17,551,480.80. This represents a 3.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 27,133 shares of Rivian Automotive stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $455,834.40. Following the completion of the transaction, the chief financial officer owned 680,836 shares of the company’s stock, valued at approximately $11,438,044.80. This represents a 3.83% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 152,097 shares of company stock valued at $2,500,955. Insiders own 2.16% of the company’s stock.
Institutional Trading of Rivian Automotive
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC boosted its position in Rivian Automotive by 227.0% during the third quarter. Farther Finance Advisors LLC now owns 117,096 shares of the electric vehicle automaker’s stock worth $1,719,000 after acquiring an additional 81,291 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its stake in Rivian Automotive by 244.1% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 1,624,707 shares of the electric vehicle automaker’s stock worth $23,851,000 after purchasing an additional 1,152,551 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in shares of Rivian Automotive by 211.0% during the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 265,600 shares of the electric vehicle automaker’s stock worth $3,899,000 after purchasing an additional 180,200 shares during the last quarter. New York State Common Retirement Fund grew its position in shares of Rivian Automotive by 36.4% in the third quarter. New York State Common Retirement Fund now owns 597,353 shares of the electric vehicle automaker’s stock valued at $8,769,000 after purchasing an additional 159,400 shares in the last quarter. Finally, DNB Asset Management AS increased its holdings in shares of Rivian Automotive by 85.4% in the third quarter. DNB Asset Management AS now owns 728,262 shares of the electric vehicle automaker’s stock valued at $10,691,000 after purchasing an additional 335,511 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 is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.
Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.