Rivian Automotive (NASDAQ:RIVN) Given "Outperform" Rating at Wedbush

Wedbush reiterated their outperform rating on shares of Rivian Automotive (NASDAQ:RIVN - Free Report) in a report released on Friday,Benzinga reports. Wedbush currently has a $20.00 target price on the electric vehicle automaker's stock.

A number of other brokerages also recently weighed in on RIVN. Morgan Stanley downgraded Rivian Automotive from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Bank of America cut shares of Rivian Automotive from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $20.00 to $13.00 in a report on Friday. Canaccord Genuity Group decreased their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a "buy" rating for the company in a report on Monday, October 7th. JPMorgan Chase & Co. dropped their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating on the stock in a research note on Tuesday, October 22nd. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and set a $15.00 target price on shares of Rivian Automotive in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $15.77.

Rivian Automotive Stock Up 5.4 %

Shares of RIVN stock traded up $0.54 during mid-day trading on Friday, reaching $10.59. 58,604,132 shares of the company were exchanged, compared to its average volume of 38,938,688. The company has a market capitalization of $10.68 billion, a P/E ratio of -1.71 and a beta of 2.04. The business's 50 day simple moving average is $11.43 and its 200 day simple moving average is $12.30. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $24.61.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Research analysts predict that Rivian Automotive will post -4.84 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the company's stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares of the company's stock, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive 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 transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company's stock, valued at $12,127,675.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 169,876 shares of company stock valued at $2,153,551. Corporate insiders own 2.51% of the company's stock.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC grew its holdings in shares of Rivian Automotive by 1,870.7% during the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker's stock valued at $608,000 after buying an additional 51,464 shares in the last quarter. Vontobel Holding Ltd. increased its holdings in shares of Rivian Automotive by 543.8% in the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker's stock valued at $1,601,000 after purchasing an additional 120,544 shares during the period. Renaissance Capital LLC lifted its position in shares of Rivian Automotive by 20.0% in the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker's stock worth $9,958,000 after purchasing an additional 148,197 shares in the last quarter. Private Advisory Group LLC purchased a new position in Rivian Automotive during the third quarter valued at approximately $2,109,000. Finally, Royal London Asset Management Ltd. increased its stake in Rivian Automotive by 19.6% in the 2nd quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker's stock valued at $4,027,000 after buying an additional 49,216 shares during the period. Institutional investors and hedge funds 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.