Rivian Automotive (NASDAQ:RIVN) Coverage Initiated by Analysts at TD Cowen

TD Cowen began coverage on shares of Rivian Automotive (NASDAQ:RIVN - Free Report) in a research report released on Friday, Marketbeat Ratings reports. The brokerage issued a hold rating and a $12.70 target price on the electric vehicle automaker's stock.

A number of other equities research analysts also recently commented on the stock. Barclays lifted their price target 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. Guggenheim cut their price target on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Monday, February 24th. Piper Sandler decreased their price objective on Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating on the stock in a report on Friday, November 8th. Sanford C. Bernstein began coverage on Rivian Automotive in a research report on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price objective for the company. Finally, Benchmark began coverage on Rivian Automotive in a research report on Monday, December 9th. They set a "buy" rating and a $18.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $14.73.

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Rivian Automotive Price Performance

Shares of NASDAQ RIVN traded down $0.21 during trading on Friday, hitting $10.96. 29,108,098 shares of the company were exchanged, compared to its average volume of 37,509,891. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $18.86. The company has a market cap of $12.39 billion, a price-to-earnings ratio of -2.32 and a beta of 2.03. The firm's fifty day moving average price is $13.06 and its 200 day moving average price is $12.36.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. The company 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%. On average, sell-side analysts expect that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the firm's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $13.65, for a total value of $975,005.85. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,784,877.65. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 275,357 shares of company stock valued at $3,988,140 over the last 90 days. 2.51% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in the business. Tandem Financial LLC acquired a new stake in Rivian Automotive in the fourth quarter valued at $25,000. Bank of Jackson Hole Trust acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $27,000. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive during the third quarter worth $28,000. Orion Capital Management LLC acquired a new position in Rivian Automotive in the fourth quarter worth $34,000. Finally, Bear Mountain Capital Inc. increased its stake in 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 valued at $36,000 after purchasing an additional 1,932 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.