Benchmark Reiterates Buy Rating for Rivian Automotive (NASDAQ:RIVN)

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “buy” rating reissued by Benchmark in a report released on Tuesday,Benzinga reports. They currently have a $18.00 price objective on the electric vehicle automaker’s stock. Benchmark’s price objective would indicate a potential upside of 62.85% from the stock’s current price.

A number of other research firms also recently commented on RIVN. Guggenheim reduced their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, February 24th. Mizuho dropped their target price on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Monday. Cantor Fitzgerald cut Rivian Automotive from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $13.00 to $15.00 in a report on Friday, February 21st. Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Finally, TD Cowen assumed coverage on Rivian Automotive in a research report on Friday, March 7th. They issued a “hold” rating and a $12.70 price target for the company. Three analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $14.64.

Rivian Automotive Stock Up 0.3 %

RIVN stock opened at $11.05 on Tuesday. The company has a market cap of $12.50 billion, a price-to-earnings ratio of -2.34 and a beta of 2.03. The company has a fifty day moving average price of $12.65 and a 200 day moving average price of $12.23. 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 12 month low of $8.26 and a 12 month high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Sell-side analysts expect that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s 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 completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,983,450.68. This trade represents a 7.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,427 shares of company stock valued at $2,735,619. 2.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently bought and sold shares of the business. Oppenheimer & Co. Inc. grew its position in Rivian Automotive by 59.0% during the third quarter. Oppenheimer & Co. Inc. now owns 25,451 shares of the electric vehicle automaker’s stock valued at $286,000 after purchasing an additional 9,441 shares in the last quarter. Empowered Funds LLC increased its position in Rivian Automotive by 59.1% in the 3rd quarter. Empowered Funds LLC now owns 18,466 shares of the electric vehicle automaker’s stock worth $207,000 after purchasing an additional 6,860 shares during the last quarter. Swiss National Bank raised its stake in shares of Rivian Automotive by 2.1% during the 3rd quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock worth $24,665,000 after purchasing an additional 45,200 shares in the last quarter. Quest Partners LLC grew its stake in shares of Rivian Automotive by 109.0% in the 3rd quarter. Quest Partners LLC now owns 13,945 shares of the electric vehicle automaker’s stock valued at $156,000 after buying an additional 7,273 shares in the last quarter. Finally, Pathstone Holdings LLC increased its holdings in Rivian Automotive by 8.4% in the third quarter. Pathstone Holdings LLC now owns 118,237 shares of the electric vehicle automaker’s stock worth $1,327,000 after buying an additional 9,187 shares during the last quarter. 66.25% of the stock is currently 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.