Rivian Automotive (NASDAQ:RIVN) Stock Rating Reaffirmed as “Buy” by Stifel Nicolaus

Rivian Automotive (NASDAQ:RIVN – Get Free Report)‘s stock had its “buy” rating reiterated by equities researchers at Stifel Nicolaus in a research note issued on Monday, Benzinga reports. They currently have a $22.00 target price on the electric vehicle automaker’s stock. Stifel Nicolaus‘s price target suggests a potential upside of 58.55% from the stock’s current price.

Several other equities analysts also recently weighed in on RIVN. Cantor Fitzgerald cut their price target on shares of Rivian Automotive from $19.00 to $16.00 and set a “neutral” rating on the stock in a report on Friday, October 30th. TD Cowen lifted their price objective on shares of Rivian Automotive from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Jefferies Financial Group upgraded shares of Rivian Automotive from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a research note on Friday, October 30th. Needham & Company LLC dropped their price objective on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, October 30th. Finally, Yorkville Ives initiated coverage on shares of Rivian Automotive in a research note on Tuesday, October 6th. They issued an “outperform” rating and a $20.00 price objective on the stock. Fifteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat, Rivian Automotive has an average rating of “Hold” and a consensus price target of $19.50.

Check Out Our Latest Report on RIVN

Rivian Automotive Stock Performance

Rivian Automotive stock traded up $0.27 during trading hours on Monday, hitting $13.88. 7,017,294 shares of the stock traded hands, compared to its average volume of 29,410,482. The company has a debt-to-equity ratio of 0.78, a current ratio of 2.18 and a quick ratio of 1.70. The firm’s 50 day moving average price is $14.21 and its 200-day moving average price is $15.40. The stock has a market capitalization of $20.09 billion, a price-to-earnings ratio of -6.18 and a beta of 1.64. Rivian Automotive has a 1 year low of $11.38 and a 1 year high of $22.69.

Rivian Automotive (NASDAQ:RIVN – Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The electric vehicle automaker reported ($0.48) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.64) by $0.16. Rivian Automotive had a negative return on equity of 69.68% and a negative net margin of 45.88%. The business had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2 billion. During the same period in the prior year, the company earned ($1.08) earnings per share. The company’s revenue was up 38.3% on a year-over-year basis. As a group, equities analysts expect that Rivian Automotive will post -2.72 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In related news, CFO Claire McDonough sold 8,023 shares of Rivian Automotive stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the transaction, the chief financial officer directly owned 819,178 shares in the company, valued at approximately $13,106,848. This trade represents a 0.97% 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 this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael John Callahan sold 15,000 shares of Rivian Automotive stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $15.00, for a total value of $225,000.00. Following the transaction, the insider owned 1,001,776 shares of the company’s stock, valued at approximately $15,026,640. This represents a 1.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 51,167 shares of company stock worth $788,306 in the last 90 days. Company insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Jacobi Capital Management LLC acquired a new stake in Rivian Automotive in the 3rd quarter worth about $25,000. MCF Advisors LLC raised its holdings in shares of Rivian Automotive by 3,500.0% during the second quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock valued at $31,000 after acquiring an additional 1,750 shares during the last quarter. Ancora Advisors LLC acquired a new position in shares of Rivian Automotive during the second quarter valued at approximately $44,000. Oslo Pensjonsforsikring AS acquired a new position in shares of Rivian Automotive during the first quarter valued at approximately $39,000. Finally, Heritage Family Offices LLP purchased a new position in shares of Rivian Automotive in the third quarter valued at approximately $49,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

(Get Free Report)

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer lineup includes the R1T electric pickup truck and R1S electric sport utility vehicle, while its commercial offerings include electric delivery vans and fleet services.

Founded in 2009 by RJ Scaringe, the company began delivering its R1T and R1S vehicles in 2021. Rivian also develops vehicle software, charging solutions and services intended to support its consumer and commercial customers.

Rivian primarily serves customers in the United States and Canada.

See Also

Analyst Recommendations for Rivian Automotive (NASDAQ:RIVN)

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