Citigroup Begins Coverage on Rivian Automotive (NASDAQ:RIVN)

Stock analysts at Citigroup assumed coverage on shares of Rivian Automotive (NASDAQ:RIVN) in a note issued to investors on Monday, Benzinga reports. The brokerage set a “neutral” rating and a $18.00 price target on the electric vehicle automaker’s stock. Citigroup’s target price indicates a potential upside of 13.49% from the company’s current price.

A number of other equities analysts also recently issued reports on the company. UBS Group increased their price objective on Rivian Automotive from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Needham & Company LLC reaffirmed a “buy” rating on shares of Rivian Automotive in a research report on Monday, August 10th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $19.00 price target on shares of Rivian Automotive in a research note on Tuesday, July 28th. 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. Finally, Stifel Nicolaus set a $22.00 price objective on shares of Rivian Automotive in a research note on Monday, August 24th. Twelve analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have given a Sell rating to the stock. Based on data from MarketBeat, Rivian Automotive has an average rating of “Hold” and an average target price of $19.00.

Rivian Automotive Stock Down 1.1%

Shares of RIVN stock traded down $0.17 during midday trading on Monday, reaching $15.86. 16,661,276 shares of the stock were exchanged, compared to its average volume of 29,716,295. Rivian Automotive has a 1 year low of $12.39 and a 1 year high of $22.69. The company’s 50 day moving average is $16.39 and its two-hundred day moving average is $15.91. The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87. The firm has a market cap of $22.96 billion, a PE ratio of -6.15 and a beta of 1.62.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.03. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The company had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter last year, the business posted ($0.97) EPS. The firm’s revenue for the quarter was up 27.2% compared to the same quarter last year. On average, equities research analysts predict that Rivian Automotive will post -2.98 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Claire McDonough sold 8,023 shares of the firm’s stock in a transaction 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 $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 is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 20,000 shares of Rivian Automotive stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the transaction, the director directly owned 110,000 shares of the company’s stock, valued at approximately $2,200,000. This represents a 15.38% decrease in their position. 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. Over the last three months, insiders sold 41,167 shares of company stock worth $718,956. Insiders own 1.48% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Core Wealth Advisors LLC bought a new position in shares of Rivian Automotive in the fourth quarter worth approximately $27,000. MCF Advisors LLC increased its position 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 in the last quarter. MTM Investment Management LLC raised its holdings in Rivian Automotive by 115.0% in the 4th quarter. MTM Investment Management LLC now owns 2,150 shares of the electric vehicle automaker’s stock worth $42,000 after acquiring an additional 1,150 shares during the last quarter. Ancora Advisors LLC purchased a new position in Rivian Automotive in the 2nd quarter worth approximately $44,000. Finally, Oslo Pensjonsforsikring AS bought a new position in Rivian Automotive in the 1st quarter valued at approximately $39,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

About Rivian Automotive

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.

Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.