Rivian Automotive (NASDAQ:RIVN) Receives “Outperform” Rating from Wedbush

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “outperform” rating reaffirmed by research analysts at Wedbush in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $20.00 target price on the electric vehicle automaker’s stock. Wedbush’s price objective points to a potential upside of 40.35% from the stock’s previous close.

Several other research firms have also weighed in on RIVN. Truist Financial boosted their target price on Rivian Automotive from $13.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Barclays lifted their price target on Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 16th. Piper Sandler reaffirmed an “overweight” rating and issued a $21.00 price target on shares of Rivian Automotive in a research report on Wednesday, June 26th. JPMorgan Chase & Co. lifted their price target on Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a research report on Wednesday, June 26th. Finally, Mizuho lifted their price target on Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.71.

Rivian Automotive Stock Down 3.7 %

NASDAQ:RIVN traded down $0.55 during mid-day trading on Wednesday, reaching $14.25. The stock had a trading volume of 23,886,598 shares, compared to its average volume of 42,945,895. The business’s 50 day moving average is $13.99 and its 200 day moving average is $12.53. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $25.73. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55. The stock has a market cap of $14.18 billion, a P/E ratio of -2.47 and a beta of 2.09.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing the consensus estimate of ($1.38) by ($0.03). Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.15 billion. As a group, sell-side analysts predict that Rivian Automotive will post -4.68 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $16,374,438. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,234,023.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $16,374,438. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 485,716 shares of company stock valued at $7,509,309. 2.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. International Assets Investment Management LLC boosted its position in Rivian Automotive by 1,944.2% during the fourth quarter. International Assets Investment Management LLC now owns 140,291 shares of the electric vehicle automaker’s stock valued at $3,291,000 after purchasing an additional 133,428 shares during the last quarter. Allworth Financial LP lifted its position in shares of Rivian Automotive by 409.3% in the fourth quarter. Allworth Financial LP now owns 23,131 shares of the electric vehicle automaker’s stock valued at $543,000 after buying an additional 18,589 shares during the last quarter. Stratos Wealth Partners LTD. lifted its position in shares of Rivian Automotive by 9.8% in the fourth quarter. Stratos Wealth Partners LTD. now owns 13,039 shares of the electric vehicle automaker’s stock valued at $306,000 after buying an additional 1,164 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in Rivian Automotive by 36.9% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 374,593 shares of the electric vehicle automaker’s stock worth $8,752,000 after purchasing an additional 101,039 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in Rivian Automotive by 0.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 143,510 shares of the electric vehicle automaker’s stock worth $3,367,000 after purchasing an additional 1,110 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.