Rivian Automotive’s (RIVN) Outperform Rating Reaffirmed at Wedbush

Wedbush reissued their outperform rating on shares of Rivian Automotive (NASDAQ:RIVN) in a report released on Friday,Benzinga reports. Wedbush currently has a $20.00 price objective on the electric vehicle automaker’s stock.

RIVN has been the topic of several other reports. Wells Fargo & Company dropped their price objective on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Cantor Fitzgerald reiterated an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a report on Monday, September 30th. Canaccord Genuity Group lowered their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Barclays reduced their price target on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $15.00 price objective on shares of Rivian Automotive in a report on Friday, August 16th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $15.77.

Rivian Automotive Stock Performance

RIVN stock traded up $0.54 during midday trading on Friday, hitting $10.59. 58,725,001 shares of the company traded hands, compared to its average volume of 38,938,688. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $24.61. The stock has a market capitalization of $10.68 billion, a price-to-earnings ratio of -1.78 and a beta of 2.04. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The business has a 50 day simple moving average of $11.36 and a 200-day simple moving average of $12.32.

Rivian Automotive (NASDAQ:RIVN) last posted 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). The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. As a group, equities research analysts predict that Rivian Automotive will post -4.84 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at $12,127,675.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s 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 completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 169,876 shares of company stock worth $2,153,551. Insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of institutional investors and hedge funds have recently modified their holdings of RIVN. Quent Capital LLC raised its holdings in Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 831 shares during the period. EverSource Wealth Advisors LLC raised its stake in Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 2,380 shares during the period. GHP Investment Advisors Inc. lifted its holdings in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares in the last quarter. American Capital Advisory LLC grew its stake in Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after acquiring an additional 2,111 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in shares of Rivian Automotive during the second quarter worth about $37,000. 66.25% of the stock is owned by institutional investors.

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.