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

TD Cowen initiated coverage on shares of Rivian Automotive (NASDAQ:RIVN) in a report published on Friday, Marketbeat reports. The firm issued a hold rating and a $12.70 price target on the electric vehicle automaker’s stock.

RIVN has been the subject of several other research reports. Stifel Nicolaus cut their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Robert W. Baird reiterated a “neutral” rating and set a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Needham & Company LLC boosted their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Piper Sandler cut their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 8th. Finally, Wedbush reissued an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a report on Friday, November 8th. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and an average target price of $14.73.

Rivian Automotive Stock Up 1.3 %

RIVN opened at $11.17 on Friday. The company’s 50-day moving average price is $13.11 and its two-hundred day moving average price is $12.38. 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 stock has a market cap of $12.63 billion, a price-to-earnings ratio of -2.37 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. As a group, equities analysts expect that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 18,501 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the transaction, the chief financial officer now directly owns 351,900 shares of the company’s stock, valued at $5,278,500. This trade represents a 4.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,784,877.65. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 275,357 shares of company stock worth $3,988,140. 2.51% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its holdings in Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after buying an additional 2,035,831 shares in the last quarter. Mizuho Markets Americas LLC increased its position in Rivian Automotive by 30.7% during the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock worth $5,964,000 after purchasing an additional 124,950 shares during the last quarter. SG Americas Securities LLC increased its position in Rivian Automotive by 42.7% during the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock worth $2,404,000 after purchasing an additional 54,053 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in Rivian Automotive during the fourth quarter worth approximately $1,382,000. Finally, Alberta Investment Management Corp purchased a new stake in Rivian Automotive during the fourth quarter worth approximately $6,648,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.