Rivian Automotive (NASDAQ:RIVN) Given “Buy” Rating at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Rivian Automotive (NASDAQ:RIVN) in a report published on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a $21.00 price objective on the electric vehicle automaker’s stock.

Other equities research analysts also recently issued research reports about the company. Morgan Stanley cut their price target on Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating for the company in a report on Wednesday, August 13th. JPMorgan Chase & Co. dropped their target price on Rivian Automotive from $10.00 to $9.00 and set an “underweight” rating for the company in a report on Wednesday, August 6th. UBS Group dropped their target price on Rivian Automotive from $13.00 to $12.00 and set a “neutral” rating for the company in a report on Wednesday, August 6th. Stifel Nicolaus dropped their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Friday, August 8th. Finally, Needham & Company LLC reissued a “buy” rating and set a $14.00 target price on shares of Rivian Automotive in a report on Monday, August 25th. Five equities research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $13.85.

Rivian Automotive Trading Up 0.9%

Shares of Rivian Automotive stock opened at $13.65 on Friday. The business has a fifty day simple moving average of $13.48 and a two-hundred day simple moving average of $13.37. Rivian Automotive has a 1 year low of $9.50 and a 1 year high of $17.15. The company has a market capitalization of $16.56 billion, a price-to-earnings ratio of -4.23 and a beta of 1.82. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) 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 business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period in the prior year, the business earned ($1.46) EPS. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. Research analysts forecast that Rivian Automotive will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the completion of the transaction, the chief executive officer owned 1,316,205 shares of the company’s stock, valued at $18,426,870. The trade was a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 7,247 shares of the business’s 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 completion of the transaction, the chief financial officer directly owned 789,445 shares of the company’s stock, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,147 shares of company stock valued at $577,593. 2.16% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. PFS Partners LLC grew its position in Rivian Automotive by 1,882.0% in the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock valued at $25,000 after acquiring an additional 1,882 shares during the last quarter. Assetmark Inc. grew its position in Rivian Automotive by 315.6% in the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after acquiring an additional 1,357 shares during the last quarter. Banque Transatlantique SA grew its position in Rivian Automotive by 13,194.1% in the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 2,243 shares during the last quarter. Newbridge Financial Services Group Inc. grew its position in Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Fairman Group LLC bought a new position in Rivian Automotive in the second quarter valued at about $31,000. 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.