Rivian Automotive (NASDAQ:RIVN) Earns Buy Rating from Benchmark

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “buy” rating reaffirmed by investment analysts at Benchmark in a research note issued on Tuesday,Benzinga reports. They currently have a $18.00 target price on the electric vehicle automaker’s stock. Benchmark’s target price would suggest a potential upside of 58.45% from the stock’s current price.

A number of other research firms also recently weighed in on RIVN. Cantor Fitzgerald downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $13.00 to $15.00 in a report on Friday, February 21st. Barclays upped their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 22nd. Bank of America downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Truist Financial upped their target price on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Finally, Cowen assumed coverage on Rivian Automotive in a research note on Thursday, March 6th. They issued a “hold” rating on the stock. Three analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $14.64.

Rivian Automotive Trading Up 1.4 %

RIVN opened at $11.36 on Tuesday. The business has a 50 day simple moving average of $12.52 and a two-hundred day simple moving average of $12.20. The firm has a market capitalization of $12.84 billion, a price-to-earnings ratio of -2.41 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. Rivian Automotive has a one year low of $8.26 and a one year high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.43 billion. Analysts predict that Rivian Automotive will post -3.2 EPS for the current 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 on Monday, December 23rd. The stock was sold at an average price of $13.88, for a total transaction of $991,434.52. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,983,450.68. This represents a 7.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,427 shares of company stock worth $2,735,619. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of RIVN. Tandem Financial LLC bought a new position in Rivian Automotive in the 4th quarter worth $25,000. Bank of Jackson Hole Trust bought a new position in Rivian Automotive in the 4th quarter worth $27,000. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive in the 3rd quarter worth $28,000. Orion Capital Management LLC bought a new position in Rivian Automotive in the 4th quarter worth $34,000. Finally, Bear Mountain Capital Inc. raised its holdings in Rivian Automotive by 208.0% in the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after purchasing an additional 1,932 shares during the period. 66.25% of the stock is owned by 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.