Rivian Automotive (NASDAQ:RIVN) Given Buy Rating at Canaccord Genuity Group

Canaccord Genuity Group restated their buy rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research note published on Monday morning,Benzinga reports. The firm currently has a $22.00 price objective on the electric vehicle automaker’s stock.

Other research analysts have also issued reports about the stock. Needham & Company LLC increased their price objective on shares of Rivian Automotive from $14.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, December 12th. TD Cowen upgraded shares of Rivian Automotive from a “hold” rating to a “buy” rating and increased their price objective for the stock from $17.00 to $20.00 in a report on Tuesday, March 10th. Wells Fargo & Company increased their price objective on shares of Rivian Automotive from $12.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, February 13th. Stifel Nicolaus increased their price objective on shares of Rivian Automotive from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, February 17th. Finally, Wedbush reiterated an “outperform” rating and set a $25.00 price objective on shares of Rivian Automotive in a report on Friday, February 13th. Eleven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $18.05.

Rivian Automotive Trading Down 0.7%

Shares of RIVN stock opened at $15.29 on Monday. The firm has a market cap of $18.97 billion, a P/E ratio of -4.98 and a beta of 1.69. Rivian Automotive has a 1-year low of $10.47 and a 1-year high of $22.69. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.33 and a quick ratio of 1.89. The firm’s 50-day simple moving average is $15.33 and its 200-day simple moving average is $15.96.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 12th. The electric vehicle automaker reported ($0.54) earnings per share for the quarter, topping the consensus estimate of ($0.68) by $0.14. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 67.68% and a negative return on equity of 65.05%. The company’s revenue was down 25.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.70) EPS. As a group, equities analysts forecast that Rivian Automotive will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 27,133 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $455,834.40. Following the transaction, the chief financial officer owned 680,836 shares in the company, valued at approximately $11,438,044.80. This trade represents a 3.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 34,900 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total transaction of $586,320.00. Following the completion of the transaction, the chief executive officer owned 1,044,731 shares in the company, valued at $17,551,480.80. The trade was a 3.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 134,647 shares of company stock worth $2,159,808 in the last 90 days. 2.16% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

Hedge funds have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. raised its stake in shares of Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 1,000 shares during the period. Core Wealth Advisors LLC purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $27,000. Mather Group LLC. purchased a new stake in shares of Rivian Automotive during the third quarter valued at approximately $30,000. Hemington Wealth Management raised its stake in shares of Rivian Automotive by 291.0% during the third quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock valued at $31,000 after purchasing an additional 1,580 shares during the period. Finally, SOA Wealth Advisors LLC. raised its stake in shares of Rivian Automotive by 894.2% during the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after purchasing an additional 1,395 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.