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

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

Other research analysts have also issued reports about the company. Cowen began coverage on Rivian Automotive in a report on Thursday, March 6th. They set a "hold" rating on the stock. Mizuho reduced their target price on Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating on the stock in a report on Monday, March 17th. Cantor Fitzgerald lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and lifted their target price for the stock from $13.00 to $15.00 in a report on Friday, February 21st. Barclays lifted their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a report on Wednesday, January 22nd. Finally, Bank of America lowered Rivian Automotive from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Rivian Automotive presently has a consensus rating of "Hold" and an average target price of $14.38.

Remove Ads

Rivian Automotive Trading Up 6.6 %

Shares of Rivian Automotive stock traded up $0.72 during trading on Tuesday, reaching $11.60. 36,590,831 shares of the company were exchanged, compared to its average volume of 36,964,000. 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 has a twelve month low of $8.26 and a twelve month high of $18.86. The business has a 50-day moving average price of $12.41 and a 200-day moving average price of $12.17. The firm has a market capitalization of $13.12 billion, a price-to-earnings ratio of -2.46 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Sell-side analysts anticipate that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company'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 in the company, valued at $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,427 shares of company stock valued at $2,735,619. 2.51% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently bought and sold shares of the business. Tandem Financial LLC bought a new stake in Rivian Automotive in the fourth quarter valued at approximately $25,000. Bank of Jackson Hole Trust bought a new stake in Rivian Automotive in the fourth quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive in the third quarter valued at approximately $28,000. Orion Capital Management LLC bought a new position in shares of Rivian Automotive during the fourth quarter worth approximately $34,000. Finally, Bear Mountain Capital Inc. increased its stake in shares of Rivian Automotive by 208.0% during the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock worth $36,000 after purchasing an additional 1,932 shares during the period. 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.