Rivian Automotive (NASDAQ:RIVN) Upgraded 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 issued on Tuesday,Benzinga reports. The firm currently has a $20.00 price target on the electric vehicle automaker’s stock, up from their previous price target of $17.00. TD Cowen’s price objective suggests a potential upside of 26.02% from the stock’s previous close.

A number of other analysts also recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rivian Automotive in a research note on Thursday, January 22nd. Canaccord Genuity Group restated a “buy” rating on shares of Rivian Automotive in a research note on Monday, December 15th. Wedbush reissued an “outperform” rating and set a $25.00 target price on shares of Rivian Automotive in a research note on Friday, February 13th. Benchmark increased their target price on shares of Rivian Automotive from $18.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Finally, Needham & Company LLC lifted their price objective on Rivian Automotive from $14.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Ten analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $18.00.

Rivian Automotive Stock Performance

Shares of NASDAQ:RIVN opened at $15.87 on Tuesday. Rivian Automotive has a 52 week low of $10.36 and a 52 week high of $22.69. The firm has a 50 day moving average of $16.41 and a 200 day moving average of $15.72. The company has a market capitalization of $19.69 billion, a price-to-earnings ratio of -5.17 and a beta of 1.74. The company has a quick ratio of 1.89, a current ratio of 2.33 and a debt-to-equity ratio of 0.97.

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

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 27,133 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total transaction of $455,834.40. Following the completion of the transaction, the chief financial officer directly owned 680,836 shares of the company’s stock, valued at $11,438,044.80. This represents a 3.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 34,900 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total value of $586,320.00. Following the completion of the sale, the chief executive officer owned 1,044,731 shares in the company, valued at approximately $17,551,480.80. This represents a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 135,488 shares of company stock worth $2,369,819. 2.16% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Illinois Municipal Retirement Fund increased its holdings in Rivian Automotive by 1.6% in the 4th quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker’s stock valued at $853,000 after purchasing an additional 686 shares in the last quarter. Merit Financial Group LLC grew its position in Rivian Automotive by 3.2% in the fourth quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock valued at $456,000 after acquiring an additional 718 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Rivian Automotive by 36.5% during the fourth quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock worth $54,000 after purchasing an additional 739 shares in the last quarter. Utah Retirement Systems boosted its stake in shares of Rivian Automotive by 0.6% in the fourth quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker’s stock valued at $2,533,000 after purchasing an additional 744 shares during the period. Finally, Tradition Wealth Management LLC lifted its stake in shares of Rivian Automotive by 5.7% in the fourth 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 in the last quarter. 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.