Benchmark Reiterates Buy Rating for Rivian Automotive (NASDAQ:RIVN)

Benchmark restated their buy rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research report report published on Tuesday morning,Benzinga reports. They currently have a $18.00 price target on the electric vehicle automaker’s stock.

Several other research analysts have also commented on the stock. TD Cowen assumed coverage on shares of Rivian Automotive in a report on Friday, March 7th. They issued a “hold” rating and a $12.70 price target for the company. Wells Fargo & Company lifted their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Friday, February 21st. Cowen assumed coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They set a “hold” rating for the company. Cantor Fitzgerald lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $13.00 to $15.00 in a research note on Friday, February 21st. Finally, Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Trading Down 4.2 %

NASDAQ RIVN opened at $10.88 on Tuesday. Rivian Automotive has a one year low of $8.26 and a one year high of $18.86. The company has a 50-day simple moving average of $12.45 and a 200-day simple moving average of $12.19. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a market capitalization of $12.30 billion, a PE ratio of -2.31 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results 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 net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. On average, equities analysts forecast that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 6,856 shares of the business’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 sale, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at $11,879,847.36. The trade was a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock worth $2,735,619 in the last ninety days. 2.51% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Rivian Automotive by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock valued at $63,055,000 after acquiring an additional 133,781 shares during the period. SG Americas Securities LLC raised its holdings in shares of 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 valued at $2,404,000 after acquiring an additional 54,053 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $1,382,000. Alberta Investment Management Corp acquired a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $6,648,000. Finally, Illinois Municipal Retirement Fund raised its holdings in shares of Rivian Automotive by 36.6% during the fourth quarter. Illinois Municipal Retirement Fund now owns 148,423 shares of the electric vehicle automaker’s stock valued at $1,974,000 after acquiring an additional 39,751 shares during the period. Institutional investors and hedge funds 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.