Rivian Automotive's (RIVN) "Buy" Rating Reaffirmed at Benchmark

Rivian Automotive (NASDAQ:RIVN - Get Free Report)'s stock had its "buy" rating reiterated by Benchmark in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $18.00 price objective on the electric vehicle automaker's stock. Benchmark's price objective suggests a potential upside of 55.17% from the company's current price.

Other equities analysts have also recently issued research reports about the stock. Barclays raised their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a report on Wednesday, January 22nd. Cowen began coverage on shares of Rivian Automotive in a report on Thursday, March 6th. They issued a "hold" rating for the company. TD Cowen began coverage on Rivian Automotive in a research note on Friday, March 7th. They set a "hold" rating and a $12.70 price target for the company. Robert W. Baird restated a "neutral" rating and set a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Finally, Needham & Company LLC upped their price target on Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a report on Friday, February 21st. 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. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $14.38.

Remove Ads

Rivian Automotive Stock Up 6.6 %

Shares of NASDAQ:RIVN traded up $0.72 during trading on Tuesday, hitting $11.60. The company's stock had a trading volume of 36,590,831 shares, compared to its average volume of 36,918,795. The stock's 50-day moving average price is $12.45 and its two-hundred day moving average price is $12.19. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $18.86. The company has a market capitalization of $13.12 billion, a PE ratio of -2.46 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $1.43 billion. As a group, sell-side analysts expect that Rivian Automotive will post -3.2 EPS for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares of the company's stock, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the company's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock valued at $2,735,619 in the last quarter. Insiders own 2.51% of the company's stock.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital International Investors bought a new stake in shares of Rivian Automotive in the fourth quarter valued at about $144,030,000. Norges Bank bought a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $123,308,000. Northern Trust Corp grew its holdings in shares of Rivian Automotive by 68.5% during the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after purchasing an additional 2,941,928 shares in the last quarter. Twinbeech Capital LP bought a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $29,944,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock valued at $51,693,000 after purchasing an additional 2,035,831 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.