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

Research analysts at Bank of America assumed coverage on shares of Rivian Automotive (NASDAQ:RIVN) in a research report issued on Wednesday. The brokerage set an “underperform” rating and a $14.00 price target on the electric vehicle automaker’s stock. Bank of America‘s price objective suggests a potential downside of 8.02% from the company’s previous close.

Several other research analysts have also recently commented on RIVN. Zacks Research upgraded shares of Rivian Automotive from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Benchmark upped their price target on shares of Rivian Automotive from $18.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Stifel Nicolaus upped their price objective on shares of Rivian Automotive from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, February 17th. Wall Street Zen lowered shares of Rivian Automotive from a “hold” rating to a “strong sell” rating in a research note on Sunday, February 15th. Finally, Canaccord Genuity Group reissued a “buy” rating on shares of Rivian Automotive in a research report on Monday, December 15th. Nine equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have issued a Sell rating to the stock. According to MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and a consensus target price of $17.86.

Rivian Automotive Trading Up 0.8%

Shares of NASDAQ RIVN traded up $0.12 during trading on Wednesday, hitting $15.22. 6,869,702 shares of the company traded hands, compared to its average volume of 30,419,926. The firm has a market capitalization of $18.89 billion, a P/E ratio of -4.96 and a beta of 1.75. The company has a quick ratio of 1.89, a current ratio of 2.33 and a debt-to-equity ratio of 0.97. The company has a 50-day moving average price of $16.86 and a 200-day moving average price of $15.63. Rivian Automotive has a 1 year low of $10.36 and a 1 year high of $22.69.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.66) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.02. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.The business had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period last year, the business posted ($0.70) EPS. The company’s revenue was down 25.8% on a year-over-year basis. On average, equities analysts predict that Rivian Automotive will post -3.2 EPS for the current year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,900 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total value of $586,320.00. Following the completion of the transaction, the chief executive officer directly owned 1,044,731 shares of the company’s stock, valued at approximately $17,551,480.80. The trade was a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 27,133 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total transaction of $455,834.40. Following the sale, the chief financial officer owned 680,836 shares in the company, valued at $11,438,044.80. This trade represents a 3.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 143,527 shares of company stock valued at $2,558,669 over the last 90 days. 2.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Rivian Automotive during the fourth quarter valued at approximately $220,323,000. Renaissance Technologies LLC grew its holdings in shares of Rivian Automotive by 32.4% during the 4th quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after purchasing an additional 4,012,386 shares during the last quarter. Vanguard Group Inc. lifted its stake in Rivian Automotive by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock valued at $1,198,967,000 after purchasing an additional 2,597,310 shares during the last quarter. Capital International Investors boosted its position in Rivian Automotive by 13.2% in the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after buying an additional 2,418,717 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Rivian Automotive by 496.6% during the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock worth $31,490,000 after buying an additional 1,918,852 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 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.