Wolfe Research Initiates Coverage on Rivian Automotive (NASDAQ:RIVN)

Analysts at Wolfe Research started coverage on shares of Rivian Automotive (NASDAQ:RIVN - Get Free Report) in a research report issued on Thursday, Marketbeat reports. The firm set a "peer perform" rating on the electric vehicle automaker's stock.

Several other research firms also recently weighed in on RIVN. Wells Fargo & Company decreased their price objective on Rivian Automotive from $18.00 to $15.00 and set an "equal weight" rating for the company in a report on Wednesday, August 7th. Piper Sandler reiterated an "overweight" rating and set a $21.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 26th. Morgan Stanley raised their price objective on shares of Rivian Automotive from $13.00 to $17.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 17th. Needham & Company LLC reduced their target price on shares of Rivian Automotive from $20.00 to $18.00 and set a "buy" rating for the company in a report on Wednesday, August 7th. Finally, Truist Financial raised their price target on Rivian Automotive from $13.00 to $16.00 and gave the stock a "hold" rating in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $18.14.

Rivian Automotive Stock Performance

RIVN traded up $0.46 on Thursday, reaching $13.74. The company had a trading volume of 20,079,129 shares, compared to its average volume of 41,087,352. The stock has a 50-day moving average price of $14.98 and a 200-day moving average price of $12.25. The stock has a market capitalization of $13.85 billion, a PE ratio of -2.34 and a beta of 2.07. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $24.87. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The firm had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. As a group, research analysts forecast that Rivian Automotive will post -4.72 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company's stock, valued at approximately $10,234,023.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the company's stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares of the company's stock, valued at $5,328,423.34. The disclosure for this sale can be found here. Insiders sold 488,926 shares of company stock worth $7,552,869 in the last 90 days. 2.30% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC lifted its position in Rivian Automotive by 1,944.2% during the fourth quarter. International Assets Investment Management LLC now owns 140,291 shares of the electric vehicle automaker's stock valued at $3,291,000 after buying an additional 133,428 shares in the last quarter. Benjamin F. Edwards & Company Inc. purchased a new stake in Rivian Automotive during the 4th quarter worth $81,000. Charles Schwab Investment Management Inc. increased its holdings in Rivian Automotive by 4.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,393,539 shares of the electric vehicle automaker's stock valued at $56,152,000 after purchasing an additional 111,512 shares in the last quarter. Principal Securities Inc. purchased a new position in Rivian Automotive in the fourth quarter valued at about $33,000. Finally, Versor Investments LP acquired a new position in shares of Rivian Automotive during the fourth quarter worth about $315,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

Rivian Automotive Company Profile

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.