Rivian Automotive’s (RIVN) “Buy” Rating Reaffirmed at Canaccord Genuity Group

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “buy” rating reissued by research analysts at Canaccord Genuity Group in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $22.00 price target on the electric vehicle automaker’s stock. Canaccord Genuity Group’s target price suggests a potential upside of 47.23% from the company’s previous close.

A number of other equities analysts have also recently commented on RIVN. Wall Street Zen cut Rivian Automotive from a “hold” rating to a “strong sell” rating in a report on Sunday, February 15th. The Goldman Sachs Group boosted their price objective on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Stifel Nicolaus increased their target price 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. Bank of America assumed coverage on shares of Rivian Automotive in a report on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 target price for the company. Finally, Robert W. Baird upgraded shares of Rivian Automotive from a “neutral” rating to an “outperform” rating and upped their price target for the company from $14.00 to $25.00 in a report on Thursday, December 18th. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and an average price target of $18.05.

Rivian Automotive Price Performance

RIVN stock traded down $0.46 during trading on Monday, hitting $14.94. 6,632,959 shares of the company’s stock traded hands, compared to its average volume of 30,002,914. Rivian Automotive has a 52 week low of $10.47 and a 52 week high of $22.69. The stock has a market capitalization of $18.54 billion, a price-to-earnings ratio of -4.87 and a beta of 1.69. The business has a fifty day simple moving average of $15.34 and a 200 day simple moving average of $15.95. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.89 and a current ratio of 2.33.

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

Insider Activity

In related news, CEO Robert J. Scaringe sold 34,900 shares of Rivian Automotive stock in a transaction dated 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 sale, the chief executive officer owned 1,044,731 shares in the company, valued at $17,551,480.80. This trade represents a 3.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 27,133 shares of the business’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total transaction of $455,834.40. Following the completion of the sale, the chief financial officer directly owned 680,836 shares of the company’s stock, valued at approximately $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 sold a total of 152,097 shares of company stock worth $2,500,955 in the last ninety days. 2.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Core Wealth Advisors LLC bought a new stake in shares of Rivian Automotive in the 4th quarter valued at about $27,000. SOA Wealth Advisors LLC. increased its holdings in 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 buying an additional 1,395 shares during the period. Zions Bancorporation National Association UT bought a new position in Rivian Automotive in the fourth quarter worth approximately $33,000. Glass Jacobson Investment Advisors llc raised its stake in Rivian Automotive by 96.3% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock worth $34,000 after buying an additional 852 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. lifted its holdings in 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 worth $26,000 after buying an additional 1,000 shares during the period. 66.25% of the stock is currently owned by institutional investors.

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.