Rivian Automotive (NASDAQ:RIVN) Upgraded by Deutsche Bank Aktiengesellschaft to Buy Rating

Rivian Automotive (NASDAQ:RIVNGet Free Report) was upgraded by equities researchers at Deutsche Bank Aktiengesellschaft from a “hold” rating to a “buy” rating in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a $23.00 price target on the electric vehicle automaker’s stock, up from their previous price target of $16.00. Deutsche Bank Aktiengesellschaft’s price objective suggests a potential upside of 64.29% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Wall Street Zen upgraded shares of Rivian Automotive from a “sell” rating to a “hold” rating in a report on Saturday, February 7th. Benchmark reissued a “buy” rating on shares of Rivian Automotive in a research note on Wednesday. JPMorgan Chase & Co. increased their target price on Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Monday, October 20th. Mizuho reiterated an “underperform” rating and issued a $10.00 price target (down from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Finally, Evercore reissued an “outperform” rating on shares of Rivian Automotive in a research report on Monday, December 15th. Ten research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $17.08.

Check Out Our Latest Analysis on RIVN

Rivian Automotive Price Performance

Shares of RIVN stock opened at $14.00 on Friday. Rivian Automotive has a twelve month low of $10.36 and a twelve month high of $22.69. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The stock has a fifty day simple moving average of $17.66 and a two-hundred day simple moving average of $15.28. The stock has a market capitalization of $17.16 billion, a price-to-earnings ratio of -4.50 and a beta of 1.76.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last announced its quarterly earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.66) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.02. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the firm posted ($0.70) earnings per share. The business’s revenue for the quarter was down 25.8% on a year-over-year basis. On average, analysts predict that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, Director Peter Krawiec sold 3,655 shares of the firm’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $19.45, for a total value of $71,089.75. Following the completion of the sale, the director owned 29,122 shares of the company’s stock, valued at approximately $566,422.90. This trade represents a 11.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 21,210 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total transaction of $363,539.40. Following the transaction, the chief financial officer owned 738,056 shares in the company, valued at approximately $12,650,279.84. This trade represents a 2.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 120,154 shares of company stock worth $2,143,724 in the last ninety days. 2.16% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

Large investors have recently bought and sold shares of the stock. Illinois Municipal Retirement Fund raised its holdings in shares of Rivian Automotive by 1.6% in the fourth quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker’s stock worth $853,000 after buying an additional 686 shares during the last quarter. Merit Financial Group LLC grew its holdings in shares of Rivian Automotive by 3.2% during the fourth quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock valued at $456,000 after buying an additional 718 shares during the last quarter. Geneos Wealth Management Inc. increased its position in shares of Rivian Automotive by 36.5% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock valued at $54,000 after acquiring an additional 739 shares during the period. Tradition Wealth Management LLC raised its stake in Rivian Automotive by 5.7% in the 4th quarter. Tradition Wealth Management LLC now owns 14,056 shares of the electric vehicle automaker’s stock worth $277,000 after acquiring an additional 753 shares during the last quarter. Finally, Prospera Financial Services Inc lifted its position in Rivian Automotive by 5.2% during the 3rd quarter. Prospera Financial Services Inc now owns 15,803 shares of the electric vehicle automaker’s stock worth $232,000 after acquiring an additional 775 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive News Summary

Here are the key news stories impacting Rivian Automotive this week:

About Rivian Automotive

(Get Free Report)

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.

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Analyst Recommendations for Rivian Automotive (NASDAQ:RIVN)

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