Equities researchers at Cantor Fitzgerald initiated coverage on shares of Rivian Automotive (NASDAQ:RIVN – Get Rating) in a report released on Tuesday, The Fly reports. The firm set an “overweight” rating on the electric vehicle automaker’s stock.
Other analysts also recently issued research reports about the company. Royal Bank of Canada cut their price target on Rivian Automotive from $61.00 to $50.00 and set an “outperform” rating on the stock in a report on Thursday, November 10th. Canaccord Genuity Group cut their price target on Rivian Automotive from $61.00 to $55.00 and set a “buy” rating on the stock in a report on Thursday, November 10th. Evercore ISI started coverage on Rivian Automotive in a report on Tuesday, November 29th. They issued an “in-line” rating and a $35.00 price target on the stock. Truist Financial started coverage on Rivian Automotive in a report on Wednesday, September 28th. They issued a “buy” rating and a $65.00 price target on the stock. Finally, Wells Fargo & Company cut their price target on Rivian Automotive from $35.00 to $32.00 and set an “equal weight” rating on the stock in a report on Thursday, November 10th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of 46.30.
Rivian Automotive Trading Down 2.0 %
NASDAQ:RIVN opened at 22.03 on Tuesday. The company has a quick ratio of 6.39, a current ratio of 6.84 and a debt-to-equity ratio of 0.08. The business’s 50 day moving average is 30.47 and its two-hundred day moving average is 31.91. Rivian Automotive has a 52 week low of 19.25 and a 52 week high of 107.49. The company has a market cap of $20.29 billion and a PE ratio of -2.12.
Rivian Automotive (NASDAQ:RIVN – Get Rating) last released its earnings results on Wednesday, November 9th. The electric vehicle automaker reported -1.57 EPS for the quarter, topping analysts’ consensus estimates of -1.78 by 0.21. Rivian Automotive had a negative return on equity of 32.42% and a negative net margin of 714.01%. The company had revenue of 536.00 million for the quarter, compared to the consensus estimate of 513.89 million. On average, analysts predict that Rivian Automotive will post -7.46 EPS for the current year.
Insider Activity
In other news, CFO Claire Mcdonough sold 14,235 shares of Rivian Automotive stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of 34.92, for a total transaction of 497,086.20. Following the transaction, the chief financial officer now directly owns 81,151 shares in the company, valued at approximately 2,833,792.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CAO Jeff Baker sold 1,689 shares of the firm’s stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of 34.38, for a total transaction of 58,067.82. Following the completion of the sale, the chief accounting officer now directly owns 89,331 shares of the company’s stock, valued at approximately 3,071,199.78. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 14,235 shares of the firm’s stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of 34.92, for a total value of 497,086.20. Following the sale, the chief financial officer now directly owns 81,151 shares of the company’s stock, valued at 2,833,792.92. The disclosure for this sale can be found here. 2.34% of the stock is owned by insiders.
Institutional Investors Weigh In On Rivian Automotive
Several large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its stake in shares of Rivian Automotive by 218.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,841,340 shares of the electric vehicle automaker’s stock worth $60,598,000 after acquiring an additional 1,263,501 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its position in shares of Rivian Automotive by 31.7% in the third quarter. Robeco Institutional Asset Management B.V. now owns 43,456 shares of the electric vehicle automaker’s stock worth $1,430,000 after buying an additional 10,463 shares during the period. Gould Capital LLC boosted its position in shares of Rivian Automotive by 175.4% in the third quarter. Gould Capital LLC now owns 785 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 500 shares during the period. IHT Wealth Management LLC acquired a new stake in shares of Rivian Automotive in the third quarter worth $422,000. Finally, B. Riley Wealth Advisors Inc. boosted its position in shares of Rivian Automotive by 48.3% in the third quarter. B. Riley Wealth Advisors Inc. now owns 13,293 shares of the electric vehicle automaker’s stock worth $438,000 after buying an additional 4,330 shares during the period. 62.09% of the stock is owned by institutional investors.
About Rivian Automotive
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.