Rivian Automotive (NASDAQ:RIVN) Coverage Initiated at Bank of America

Bank of America began coverage on shares of Rivian Automotive (NASDAQ:RIVN) in a research note issued on Wednesday. The firm set an “underperform” rating and a $14.00 price target on the electric vehicle automaker’s stock. Bank of America‘s price objective would suggest a potential downside of 8.02% from the stock’s current price.

A number of other equities analysts have also recently issued reports on the stock. Tigress Financial increased their price objective on shares of Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, November 14th. TD Cowen increased their target price on Rivian Automotive from $13.00 to $17.00 and gave the stock a “hold” rating in a report on Friday, February 13th. Benchmark boosted their price target on shares of Rivian Automotive from $18.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, February 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rivian Automotive in a research note on Thursday, January 22nd. Finally, Canaccord Genuity Group reissued a “buy” rating on shares of Rivian Automotive in a research report on Monday, December 15th. Nine research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and seven have given a Sell rating to the stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and a consensus price target of $17.86.

Rivian Automotive Trading Up 0.8%

Shares of NASDAQ RIVN traded up $0.12 during midday trading on Wednesday, reaching $15.22. The stock had a trading volume of 6,869,702 shares, compared to its average volume of 30,419,926. The firm has a market cap of $18.89 billion, a price-to-earnings ratio of -4.96 and a beta of 1.75. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.89 and a current ratio of 2.33. Rivian Automotive has a twelve month low of $10.36 and a twelve month high of $22.69. The company’s 50 day moving average price is $16.86 and its 200 day moving average price is $15.63.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 12th. The electric vehicle automaker reported ($0.66) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 65.05% and a negative net margin of 67.68%.The firm’s revenue was down 25.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.70) EPS. As a group, sell-side analysts expect that Rivian Automotive will post -3.2 EPS for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 34,900 shares of Rivian Automotive stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total transaction of $586,320.00. Following the completion of the sale, the chief executive officer directly owned 1,044,731 shares of the company’s stock, valued at approximately $17,551,480.80. The trade was a 3.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Peter Krawiec sold 3,655 shares of the company’s stock in a transaction that occurred on 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 directly owned 29,122 shares of the company’s stock, valued at approximately $566,422.90. This represents a 11.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 143,527 shares of company stock worth $2,558,669. 2.16% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in Rivian Automotive during the 4th quarter valued at $220,323,000. Renaissance Technologies LLC grew its stake in shares of Rivian Automotive by 32.4% in the 4th quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock worth $323,195,000 after buying an additional 4,012,386 shares during the last quarter. Vanguard Group Inc. increased its position in Rivian Automotive by 3.3% during the 3rd quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock valued at $1,198,967,000 after buying an additional 2,597,310 shares in the last quarter. Capital International Investors boosted its holdings in Rivian Automotive by 13.2% in the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after acquiring an additional 2,418,717 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Rivian Automotive by 496.6% during the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after acquiring an additional 1,918,852 shares in the last quarter. Hedge funds and other institutional investors 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.