Rivian Automotive (NASDAQ:RIVN) Given “Outperform” Rating at Wedbush

Wedbush reaffirmed their outperform rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research note published on Friday,Benzinga reports. The brokerage currently has a $20.00 price target on the electric vehicle automaker’s stock.

Several other brokerages have also recently weighed in on RIVN. Wolfe Research assumed coverage on Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. Robert W. Baird dropped their price objective on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a research note on Friday. Guggenheim decreased their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday. Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $19.00 price objective on shares of Rivian Automotive in a research report on Monday, September 30th. 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 stock. According to MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average target price of $15.77.

Rivian Automotive Stock Up 5.4 %

NASDAQ RIVN traded up $0.54 during trading on Friday, hitting $10.59. The stock had a trading volume of 58,725,001 shares, compared to its average volume of 38,938,688. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $24.61. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The company’s 50-day moving average price is $11.36 and its two-hundred day moving average price is $12.32. The company has a market capitalization of $10.68 billion, a PE ratio of -1.78 and a beta of 2.04.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) 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 business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. As a group, sell-side analysts forecast that Rivian Automotive will post -4.84 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

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 transaction of $1,139,995.44. Following the sale, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. This trade represents 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 Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the business’s 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 completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred 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 owns 392,662 shares in the company, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 169,876 shares of company stock valued at $2,153,551 in the last ninety days. 2.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Quent Capital LLC grew its holdings in shares of Rivian Automotive by 74.3% during 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 last quarter. EverSource Wealth Advisors LLC grew its holdings 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 acquiring an additional 2,380 shares during the last quarter. GHP Investment Advisors Inc. increased its position in Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 1,002 shares during the period. American Capital Advisory LLC raised its stake in shares of Rivian Automotive by 267.6% during 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 last quarter. Finally, International Assets Investment Management LLC acquired a new position in shares of Rivian Automotive during the second quarter worth $37,000. Institutional investors and hedge funds 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.