Rivian Automotive (NASDAQ:RIVN) Raised to Buy at TD Cowen

Rivian Automotive (NASDAQ:RIVN) was upgraded by investment analysts at TD Cowen from a “hold” rating to a “buy” rating in a report released on Tuesday,Benzinga reports. The brokerage presently has a $20.00 target price on the electric vehicle automaker’s stock, up from their prior target price of $17.00. TD Cowen’s target price would indicate a potential upside of 26.02% from the stock’s current price.

Other research analysts have also issued reports about the company. Stifel Nicolaus raised their price target on Rivian Automotive from $17.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. Benchmark lifted their target price on Rivian Automotive from $18.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Evercore restated an “outperform” rating on shares of Rivian Automotive in a report on Monday, December 15th. The Goldman Sachs Group upped their price target on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Finally, Tigress Financial raised their target price on Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, November 14th. Ten investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have issued a Sell rating to the company. According to MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus target price of $18.00.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $15.87 on Tuesday. The company has a quick ratio of 1.89, a current ratio of 2.33 and a debt-to-equity ratio of 0.97. The firm has a 50-day simple moving average of $16.41 and a 200 day simple moving average of $15.72. Rivian Automotive has a fifty-two week low of $10.36 and a fifty-two week high of $22.69. The company has a market cap of $19.69 billion, a PE ratio of -5.17 and a beta of 1.74.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 12th. The electric vehicle automaker reported ($0.66) EPS for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.02. The firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.The firm’s revenue was down 25.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.70) EPS. On average, sell-side analysts anticipate that Rivian Automotive will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In other news, Director Peter Krawiec sold 3,655 shares of Rivian Automotive stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $19.45, for a total transaction of $71,089.75. Following the sale, the director directly owned 29,122 shares in the company, valued at approximately $566,422.90. The trade was a 11.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 27,133 shares of the business’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $455,834.40. Following the completion of the sale, the chief financial officer directly owned 680,836 shares in the company, valued at approximately $11,438,044.80. This represents a 3.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 135,488 shares of company stock worth $2,369,819. 2.16% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Assetmark Inc. increased its holdings 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 purchasing an additional 1,357 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its position in shares of Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 1,000 shares in the last quarter. Core Wealth Advisors LLC acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $27,000. Mather Group LLC. acquired a new stake in Rivian Automotive during the 3rd quarter worth $30,000. Finally, Hemington Wealth Management grew its stake in Rivian Automotive by 291.0% in the third quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock valued at $31,000 after acquiring an additional 1,580 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.