Rivian Automotive (NASDAQ:RIVN) Receives New Coverage from Analysts at Wolfe Research

Analysts at Wolfe Research began coverage on shares of Rivian Automotive (NASDAQ:RIVN) in a research note issued to investors on Thursday, Marketbeat Ratings reports. The firm set a “peer perform” rating on the electric vehicle automaker’s stock.

RIVN has been the topic of a number of other research reports. Guggenheim initiated coverage on shares of Rivian Automotive in a research note on Tuesday, June 25th. They set a “buy” rating and a $18.00 target price on the stock. UBS Group decreased their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $15.00 target price on shares of Rivian Automotive in a research note on Friday, August 16th. Truist Financial lifted their price target on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $19.00 price target on shares of Rivian Automotive in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $18.14.

Rivian Automotive Stock Down 3.7 %

NASDAQ:RIVN opened at $13.23 on Thursday. The firm has a market capitalization of $13.17 billion, a price-to-earnings ratio of -2.29 and a beta of 2.06. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $24.87. The stock’s 50 day moving average price is $14.96 and its two-hundred day moving average price is $12.24.

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 company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. Equities research analysts expect that Rivian Automotive will post -4.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at $10,234,023.75. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction on Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $16,374,438. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 488,926 shares of company stock valued at $7,552,869. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of RIVN. Sanctuary Advisors LLC bought a new stake in Rivian Automotive during the 2nd quarter valued at $550,000. Cetera Investment Advisers boosted its holdings in Rivian Automotive by 9.5% in the second quarter. Cetera Investment Advisers now owns 210,381 shares of the electric vehicle automaker’s stock worth $2,823,000 after acquiring an additional 18,243 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its position in Rivian Automotive by 149.5% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 52,117 shares of the electric vehicle automaker’s stock worth $699,000 after purchasing an additional 31,232 shares during the last quarter. Regal Investment Advisors LLC increased its position in shares of Rivian Automotive by 7.0% in the 2nd quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock valued at $262,000 after acquiring an additional 1,281 shares during the period. Finally, Quarry LP acquired a new position in Rivian Automotive in the 2nd quarter worth approximately $105,000. 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.