Rivian Automotive (NASDAQ:RIVN) Earns “Buy” Rating from Stifel Nicolaus

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “buy” rating restated by research analysts at Stifel Nicolaus in a research note issued to investors on Monday, Benzinga reports. They presently have a $22.00 price objective on the electric vehicle automaker’s stock. Stifel Nicolaus‘s price target would indicate a potential upside of 58.55% from the company’s current price.

Several other research analysts have also commented on RIVN. Yorkville Ives assumed coverage on Rivian Automotive in a report on Tuesday, October 6th. They set an “outperform” rating and a $20.00 price target on the stock. Wells Fargo & Company lifted their price target on shares of Rivian Automotive from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Friday, July 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a report on Friday, October 2nd. Royal Bank Of Canada increased their price objective on Rivian Automotive from $14.00 to $16.00 and gave the stock a “sector perform” rating in a research report on Friday, July 31st. Finally, UBS Group raised Rivian Automotive from a “neutral” rating to a “buy” rating and set a $17.00 target price for the company in a research note on Monday, November 2nd. Fifteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $19.50.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock traded up $0.27 during trading hours on Monday, reaching $13.88. 7,017,294 shares of the company’s stock were exchanged, compared to its average volume of 29,410,482. The business has a fifty day moving average of $14.21 and a two-hundred day moving average of $15.40. The company has a market capitalization of $20.09 billion, a P/E ratio of -6.18 and a beta of 1.64. The company has a quick ratio of 1.70, a current ratio of 2.18 and a debt-to-equity ratio of 0.78. Rivian Automotive has a 1 year low of $11.38 and a 1 year high of $22.69.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, October 29th. The electric vehicle automaker reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.64) by $0.16. The firm had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2 billion. Rivian Automotive had a negative net margin of 45.88% and a negative return on equity of 69.68%. The company’s revenue for the quarter was up 38.3% on a year-over-year basis. During the same period last year, the firm posted ($1.08) earnings per share. As a group, research analysts predict that Rivian Automotive will post -2.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Claire McDonough sold 8,023 shares of the firm’s stock in a transaction dated 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 $13,106,848. This trade represents a 0.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 dated Thursday, October 1st. The shares were sold at an average price of $15.00, for a total value of $225,000.00. Following the completion of the transaction, the insider directly 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 51,167 shares of company stock valued at $788,306 over the last ninety days. Insiders own 1.48% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Parallel Advisors LLC increased its stake in Rivian Automotive by 4.0% during the 1st quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock worth $242,000 after buying an additional 613 shares during the period. Reynders McVeigh Capital Management LLC boosted its position in Rivian Automotive by 6.8% in the 2nd quarter. Reynders McVeigh Capital Management LLC now owns 15,767 shares of the electric vehicle automaker’s stock valued at $274,000 after buying an additional 1,000 shares during the period. Albion Financial Group UT boosted its position in Rivian Automotive by 1.0% in the 3rd quarter. Albion Financial Group UT now owns 105,261 shares of the electric vehicle automaker’s stock valued at $1,573,000 after buying an additional 1,010 shares during the period. Ethic Inc. boosted its position in Rivian Automotive by 1.6% in the 3rd quarter. Ethic Inc. now owns 66,665 shares of the electric vehicle automaker’s stock valued at $996,000 after buying an additional 1,050 shares during the period. Finally, Assenagon Asset Management S.A. grew its stake in shares of Rivian Automotive by 2.0% in the second quarter. Assenagon Asset Management S.A. now owns 56,758 shares of the electric vehicle automaker’s stock worth $985,000 after acquiring an additional 1,134 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.