Rivian Automotive (NASDAQ:RIVN) Coverage Initiated at Bank of America

Analysts at Bank of America initiated coverage on shares of Rivian Automotive (NASDAQ:RIVN – Get Rating) in a report issued on Friday, The Fly reports. The firm set a “buy” rating and a $40.00 price target on the electric vehicle automaker’s stock. Bank of America‘s target price would indicate a potential upside of 182.49% from the stock’s current price.

Several other analysts have also issued reports on the stock. The Goldman Sachs Group dropped their target price on shares of Rivian Automotive from $41.00 to $19.00 in a research report on Tuesday, January 10th. Mizuho cut their price target on Rivian Automotive from $37.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday. DA Davidson lowered their price target on Rivian Automotive from $23.00 to $16.00 in a report on Wednesday, March 1st. Barclays began coverage on Rivian Automotive in a report on Tuesday, February 14th. They issued an “overweight” rating and a $28.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on Rivian Automotive from $43.00 to $28.00 in a research report on Thursday, January 19th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.62.

Rivian Automotive Stock Performance

Shares of NASDAQ:RIVN opened at $14.16 on Friday. The firm has a market cap of $13.04 billion, a PE ratio of -1.91 and a beta of 1.83. The firm’s 50 day simple moving average is $17.96 and its 200-day simple moving average is $26.38. Rivian Automotive has a one year low of $14.00 and a one year high of $56.76. The company has a debt-to-equity ratio of 0.09, a quick ratio of 4.86 and a current ratio of 5.42.

Rivian Automotive (NASDAQ:RIVN – Get Rating) last released its quarterly earnings data on Tuesday, February 28th. The electric vehicle automaker reported ($1.73) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.89) by $0.16. Rivian Automotive had a negative net margin of 407.24% and a negative return on equity of 37.49%. The firm had revenue of $663.00 million for the quarter, compared to the consensus estimate of $729.47 million. During the same period last year, the firm earned ($2.43) earnings per share. The company’s quarterly revenue was up 1127.8% on a year-over-year basis. As a group, equities analysts predict that Rivian Automotive will post -5.37 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, CAO Jeff Baker sold 2,331 shares of Rivian Automotive stock in a transaction dated Wednesday, February 15th. The shares were sold at an average price of $18.98, for a total transaction of $44,242.38. Following the completion of the transaction, the chief accounting officer now directly owns 87,000 shares of the company’s stock, valued at approximately $1,651,260. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Claire Mcdonough sold 2,090 shares of Rivian Automotive stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $18.99, for a total transaction of $39,689.10. Following the completion of the sale, the chief financial officer now owns 75,804 shares in the company, valued at approximately $1,439,517.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Jeff Baker sold 2,331 shares of Rivian Automotive stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $18.98, for a total transaction of $44,242.38. Following the sale, the chief accounting officer now owns 87,000 shares of the company’s stock, valued at approximately $1,651,260. The disclosure for this sale can be found here. 2.34% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors have recently modified their holdings of RIVN. Milestone Wealth LLC grew its holdings in Rivian Automotive by 38.5% during the second quarter. Milestone Wealth LLC now owns 1,385 shares of the electric vehicle automaker’s stock valued at $36,000 after purchasing an additional 385 shares during the period. Quadrant Capital Group LLC lifted its stake in Rivian Automotive by 97.8% in the third quarter. Quadrant Capital Group LLC now owns 979 shares of the electric vehicle automaker’s stock valued at $32,000 after buying an additional 484 shares in the last quarter. Eaton Vance Management lifted its stake in Rivian Automotive by 6.8% in the first quarter. Eaton Vance Management now owns 7,843 shares of the electric vehicle automaker’s stock valued at $394,000 after buying an additional 497 shares in the last quarter. Gould Capital LLC lifted its stake in Rivian Automotive by 175.4% in the third quarter. Gould Capital LLC now owns 785 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 500 shares in the last quarter. Finally, D.A. Davidson & CO. lifted its stake in Rivian Automotive by 9.1% in the first quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock valued at $310,000 after buying an additional 515 shares in the last quarter. Institutional investors and hedge funds own 67.97% of the company’s stock.

Rivian Automotive Company Profile

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Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.