Rivian Automotive (NASDAQ:RIVN) Now Covered by Canaccord Genuity Group
Research analysts at Canaccord Genuity Group started coverage on shares of Rivian Automotive (NASDAQ:RIVN – Get Rating) in a research report issued to clients and investors on Wednesday, The Fly reports. The brokerage set a “buy” rating on the electric vehicle automaker’s stock.
Other research analysts have also issued research reports about the company. Mizuho reduced their price target on Rivian Automotive from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, June 27th. BNP Paribas upgraded Rivian Automotive from an “underperform” rating to a “neutral” rating and set a $26.00 price target on the stock in a report on Thursday, May 12th. Canaccord Genuity Group initiated coverage on Rivian Automotive in a report on Wednesday. They set a “buy” rating and a $61.00 price target on the stock. Royal Bank of Canada reduced their price target on Rivian Automotive from $100.00 to $77.00 in a report on Thursday, May 12th. Finally, Wedbush boosted their price objective on shares of Rivian Automotive from $30.00 to $40.00 and gave the company an “outperform” rating in a report on Friday, July 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of 70.22.
Shares of RIVN opened at 30.83 on Wednesday. Rivian Automotive has a 52-week low of 19.25 and a 52-week high of 179.47. The company has a quick ratio of 10.86, a current ratio of 11.19 and a debt-to-equity ratio of 0.07. The firm’s fifty day moving average is 28.12 and its two-hundred day moving average is 47.07.
Rivian Automotive (NASDAQ:RIVN – Get Rating) last announced its earnings results on Wednesday, May 11th. The electric vehicle automaker reported -1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of -1.50 by 0.07. The business had revenue of 95.00 million for the quarter, compared to analyst estimates of 113.64 million. As a group, analysts forecast that Rivian Automotive will post -6.39 EPS for the current year.
In other news, CAO Jeff Baker sold 6,034 shares of the business’s stock in a transaction dated Monday, May 16th. The stock was sold at an average price of 25.56, for a total transaction of 154,229.04. Following the completion of the transaction, the chief accounting officer now directly owns 80,778 shares of the company’s stock, valued at 2,064,685.68. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jay T. Flatley acquired 40,000 shares of the stock in a transaction dated Thursday, May 26th. The shares were bought at an average cost of 29.31 per share, with a total value of 1,172,400.00. Following the completion of the transaction, the director now owns 92,616 shares of the company’s stock, valued at approximately 2,714,574.96. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 15,006,926 shares of company stock valued at $402,737,029. Corporate insiders own 2.34% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in RIVN. Global Wealth Management Investment Advisory Inc. acquired a new position in Rivian Automotive in the fourth quarter valued at approximately $25,000. Perkins Coie Trust Co acquired a new position in Rivian Automotive in the first quarter valued at approximately $25,000. TCTC Holdings LLC acquired a new position in Rivian Automotive in the first quarter valued at approximately $25,000. Retirement Group LLC acquired a new position in Rivian Automotive in the fourth quarter valued at approximately $26,000. Finally, Lumature Wealth Partners LLC acquired a new position in Rivian Automotive in the fourth quarter valued at approximately $26,000. 78.67% of the stock is owned by hedge funds and other institutional investors.
About Rivian Automotive (Get Rating)
Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.
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