Rivian Automotive (NASDAQ:RIVN) Coverage Initiated at TD Cowen

TD Cowen started coverage on shares of Rivian Automotive (NASDAQ:RIVN) in a research report report published on Friday, Marketbeat Ratings reports. The brokerage issued a hold rating and a $12.70 price target on the electric vehicle automaker’s stock.

Several other research analysts have also recently commented on RIVN. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Mizuho raised their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, February 21st. Sanford C. Bernstein assumed coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target on the stock. Wedbush restated an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research note on Friday, November 8th. Finally, Stifel Nicolaus lowered their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $14.73.

Rivian Automotive Stock Up 1.3 %

RIVN stock opened at $11.17 on Friday. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $18.86. The firm’s 50-day simple moving average is $13.11 and its 200 day simple moving average is $12.38. The stock has a market cap of $12.63 billion, a PE ratio of -2.37 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. As a group, sell-side analysts predict that Rivian Automotive will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at $11,784,877.65. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 275,357 shares of company stock worth $3,988,140. 2.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its stake in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after purchasing an additional 2,035,831 shares in the last quarter. Mizuho Markets Americas LLC raised its stake in 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 acquiring an additional 124,950 shares during the period. SG Americas Securities LLC raised its stake in Rivian Automotive by 42.7% in the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock valued at $2,404,000 after acquiring an additional 54,053 shares during the period. SBI Securities Co. Ltd. bought a new stake in Rivian Automotive in the 4th quarter valued at $1,382,000. Finally, Alberta Investment Management Corp bought a new stake in Rivian Automotive in the 4th quarter valued at $6,648,000. Institutional investors own 66.25% of the company’s stock.

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.