Tigress Financial Reaffirms Buy Rating for Rivian Automotive (NASDAQ:RIVN)

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “buy” rating reiterated by analysts at Tigress Financial in a report released on Friday,Benzinga reports. They currently have a $25.00 price objective on the electric vehicle automaker’s stock. Tigress Financial’s price target suggests a potential upside of 62.02% from the company’s previous close.

RIVN has been the subject of a number of other reports. Wolfe Research lowered Rivian Automotive from a “peer perform” rating to an “underperform” rating in a research note on Monday, January 12th. Wall Street Zen lowered Rivian Automotive from a “hold” rating to a “strong sell” rating in a research note on Sunday, February 15th. Evercore reaffirmed an “outperform” rating on shares of Rivian Automotive in a research note on Monday, December 15th. Bank of America assumed coverage on Rivian Automotive in a research note on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 price objective for the company. Finally, Wedbush reiterated an “outperform” rating and issued a $25.00 price target on shares of Rivian Automotive in a report on Friday, February 13th. Eleven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $18.05.

Rivian Automotive Stock Up 1.2%

RIVN traded up $0.19 during trading on Friday, reaching $15.43. The stock had a trading volume of 19,234,365 shares, compared to its average volume of 29,903,725. The stock’s 50 day moving average is $15.32 and its two-hundred day moving average is $15.95. The company has a market capitalization of $19.15 billion, a price-to-earnings ratio of -5.03 and a beta of 1.69. Rivian Automotive has a one year low of $10.85 and a one year high of $22.69. The company has a current ratio of 2.33, a quick ratio of 1.89 and a debt-to-equity ratio of 0.97.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 12th. The electric vehicle automaker reported ($0.54) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.14. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.The business had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the previous year, the business earned ($0.70) earnings per share. The firm’s quarterly revenue was down 25.8% compared to the same quarter last year. As a group, analysts expect that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Activity

In other news, CFO Claire Mcdonough sold 27,133 shares of the firm’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 $455,834.40. Following the transaction, the chief financial officer owned 680,836 shares in the company, valued at $11,438,044.80. This trade represents a 3.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 34,900 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $586,320.00. Following the completion of the transaction, the chief executive officer owned 1,044,731 shares in the company, valued at approximately $17,551,480.80. This trade represents a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 134,647 shares of company stock valued at $2,159,808. 2.16% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

Several hedge funds have recently modified their holdings of the stock. Rockefeller Capital Management L.P. grew its holdings in shares of Rivian Automotive by 6.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 55,391 shares of the electric vehicle automaker’s stock worth $1,092,000 after buying an additional 3,119 shares during the last quarter. Osbon Capital Management LLC purchased a new position in shares of Rivian Automotive during the fourth quarter worth about $57,000. Corient Private Wealth LLC grew its holdings in shares of Rivian Automotive by 41.6% during the fourth quarter. Corient Private Wealth LLC now owns 94,501 shares of the electric vehicle automaker’s stock worth $1,863,000 after buying an additional 27,785 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Rivian Automotive by 2,212.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 62,168 shares of the electric vehicle automaker’s stock worth $1,225,000 after buying an additional 59,480 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL lifted its position in Rivian Automotive by 8,210.2% in the fourth quarter. Strategic Investment Solutions Inc. IL now owns 10,554 shares of the electric vehicle automaker’s stock valued at $208,000 after purchasing an additional 10,427 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.