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

Benchmark began coverage on shares of Rivian Automotive (NASDAQ:RIVN) in a research report sent to investors on Monday, MarketBeat.com reports. The brokerage issued a buy rating and a $18.00 target price on the electric vehicle automaker’s stock.

Other equities analysts have also recently issued research reports about the stock. Guggenheim lowered their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Cantor Fitzgerald reiterated an “overweight” rating and set a $19.00 price objective on shares of Rivian Automotive in a research note on Monday, September 30th. Mizuho cut their target price on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Barclays lowered their price target on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Finally, Wells Fargo & Company cut their price objective on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $15.83.

Rivian Automotive Price Performance

Shares of RIVN opened at $14.45 on Monday. Rivian Automotive has a one year low of $8.26 and a one year high of $24.61. The stock’s fifty day moving average is $10.80 and its 200-day moving average is $12.58. 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 $14.75 billion, a price-to-earnings ratio of -2.58 and a beta of 2.12.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The trade was a 8.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 261,307 shares of company stock valued at $3,178,479 in the last three months. 2.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently modified their holdings of RIVN. Charles Schwab Investment Management Inc. boosted its position 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 valued at $51,693,000 after purchasing an additional 2,035,831 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Rivian Automotive by 1,870.7% during the 3rd 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 during the last quarter. Mizuho Markets Americas LLC grew its stake in shares of Rivian Automotive by 30.7% in the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock valued at $5,964,000 after buying an additional 124,950 shares in the last quarter. Vontobel Holding Ltd. increased its holdings in Rivian Automotive by 543.8% in the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock worth $1,601,000 after buying an additional 120,544 shares during the last quarter. Finally, Renaissance Capital LLC raised its position in Rivian Automotive by 20.0% during the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock valued at $9,958,000 after acquiring an additional 148,197 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.