Rivian Automotive (NASDAQ:RIVN) Earns “Outperform” Rating from Wedbush

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “outperform” rating reissued by investment analysts at Wedbush in a note issued to investors on Friday,Benzinga reports. They presently have a $20.00 price objective on the electric vehicle automaker’s stock. Wedbush’s price objective indicates a potential upside of 100.20% from the stock’s previous close.

Several other analysts have also issued reports on RIVN. Royal Bank of Canada restated a “sector perform” rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Friday, August 16th. Needham & Company LLC lowered their price objective on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday. The Goldman Sachs Group cut their target price on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th. Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Bank of America downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $20.00 to $13.00 in a report on Friday. 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $15.91.

Rivian Automotive Stock Performance

NASDAQ RIVN traded down $0.06 during trading hours on Friday, reaching $9.99. 23,255,689 shares of the company were exchanged, compared to its average volume of 38,776,086. The stock has a market capitalization of $10.07 billion, a P/E ratio of -1.70 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. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $24.61. The business’s 50 day simple moving average is $11.43 and its 200-day simple moving average is $12.30.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. On average, equities research analysts expect that Rivian Automotive will post -4.84 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $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. Insiders have sold 169,876 shares of company stock valued at $2,153,551 in the last quarter. Insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the company. International Assets Investment Management LLC lifted its holdings in shares of Rivian Automotive by 1,870.7% in the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after acquiring an additional 51,464 shares during the last quarter. Vontobel Holding Ltd. raised its position in Rivian Automotive by 543.8% in the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock worth $1,601,000 after purchasing an additional 120,544 shares during the period. Renaissance Capital LLC lifted its stake in Rivian Automotive by 20.0% in the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock worth $9,958,000 after purchasing an additional 148,197 shares during the last quarter. Private Advisory Group LLC purchased a new stake in Rivian Automotive during the third quarter valued at about $2,109,000. Finally, Royal London Asset Management Ltd. grew its stake in shares of Rivian Automotive by 19.6% during the second quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock valued at $4,027,000 after buying an additional 49,216 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.