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

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “buy” rating restated by equities researchers at Canaccord Genuity Group in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $21.00 target price on the electric vehicle automaker’s stock. Canaccord Genuity Group’s target price indicates a potential upside of 53.85% from the company’s previous close.

Several other equities analysts also recently weighed in on the company. Mizuho raised their price target on Rivian Automotive from $12.00 to $14.00 and gave the company a “neutral” rating in a report on Tuesday, September 23rd. JPMorgan Chase & Co. reduced their price target on Rivian Automotive from $10.00 to $9.00 and set an “underweight” rating for the company in a report on Wednesday, August 6th. Needham & Company LLC restated a “buy” rating and set a $14.00 price target on shares of Rivian Automotive in a report on Monday, August 25th. The Goldman Sachs Group raised their price target on Rivian Automotive from $12.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, September 29th. Finally, Wall Street Zen cut Rivian Automotive from a “hold” rating to a “sell” rating in a research report on Saturday, July 26th. Five research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and an average target price of $13.85.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $13.65 on Friday. Rivian Automotive has a 1-year low of $9.50 and a 1-year high of $17.15. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72. The business has a fifty day moving average price of $13.48 and a 200-day moving average price of $13.39. The company has a market capitalization of $16.56 billion, a PE ratio of -4.23 and a beta of 1.82.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.32). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the previous year, the business earned ($1.46) earnings per share. Rivian Automotive’s revenue was up 12.5% compared to the same quarter last year. As a group, equities analysts expect that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the transaction, the chief executive officer directly owned 1,316,205 shares of the company’s stock, valued at $18,426,870. The trade was a 1.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the transaction, the chief financial officer directly owned 789,445 shares in the company, valued at approximately $9,694,384.60. The trade was a 0.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,147 shares of company stock worth $577,593. Insiders own 2.16% of the company’s stock.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assetmark Inc. raised its stake in Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 1,357 shares during the period. Newbridge Financial Services Group Inc. raised its stake in Rivian Automotive by 113.6% during the 2nd 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. PFS Partners LLC raised its stake in Rivian Automotive by 1,882.0% during the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 1,882 shares during the period. Fairman Group LLC bought a new stake in Rivian Automotive during the 2nd quarter valued at approximately $31,000. Finally, Banque Transatlantique SA raised its stake in Rivian Automotive by 13,194.1% during the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 2,243 shares during the period. Institutional investors own 66.25% of the company’s stock.

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.