Guggenheim began coverage on shares of Rivian Automotive (NASDAQ:RIVN – Free Report) in a research note released on Tuesday, MarketBeat Ratings reports. The firm issued a buy rating and a $18.00 price objective on the electric vehicle automaker’s stock.
RIVN has been the subject of a number of other reports. Cantor Fitzgerald reiterated an overweight rating and set a $15.00 target price on shares of Rivian Automotive in a research report on Monday, June 17th. UBS Group upgraded Rivian Automotive from a sell rating to a neutral rating and set a $9.00 target price for the company in a research report on Tuesday, April 16th. Piper Sandler upgraded Rivian Automotive from a neutral rating to an overweight rating and increased their target price for the company from $15.00 to $21.00 in a research report on Friday, March 15th. Needham & Company LLC restated a buy rating and set a $13.00 price target on shares of Rivian Automotive in a report on Wednesday, May 8th. Finally, Jefferies Financial Group initiated coverage on Rivian Automotive in a report on Thursday, March 7th. They set a buy rating and a $16.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $19.17.
Check Out Our Latest Research Report on RIVN
Rivian Automotive Trading Down 1.8 %
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last posted its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. Research analysts anticipate that Rivian Automotive will post -4.94 EPS for the current fiscal year.
Insider Transactions at Rivian Automotive
In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.30% of the company’s stock.
Hedge Funds Weigh In On Rivian Automotive
A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Price T Rowe Associates Inc. MD boosted its position in Rivian Automotive by 35.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after purchasing an additional 25,550,489 shares in the last quarter. Baillie Gifford & Co. boosted its position in Rivian Automotive by 714.3% during the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after purchasing an additional 22,194,018 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Rivian Automotive by 1,521.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after purchasing an additional 5,937,605 shares in the last quarter. Norges Bank bought a new stake in Rivian Automotive during the fourth quarter valued at about $129,427,000. Finally, Vanguard Group Inc. boosted its position in Rivian Automotive by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after purchasing an additional 4,467,881 shares in the last quarter. 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.
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