Rivian Automotive (NASDAQ:RIVN) Upgraded at DA Davidson

Rivian Automotive (NASDAQ:RIVN) was upgraded by DA Davidson from an “underperform” rating to a “neutral” rating in a research note issued on Wednesday,Benzinga reports. The firm currently has a $14.00 price target on the electric vehicle automaker’s stock. DA Davidson’s price objective would indicate a potential downside of 6.98% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on the company. Stifel Nicolaus upped their target price on Rivian Automotive from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, February 17th. Wedbush reissued an “outperform” rating and issued a $25.00 price target on shares of Rivian Automotive in a research report on Friday, February 13th. Cantor Fitzgerald restated a “neutral” rating on shares of Rivian Automotive in a research note on Monday, February 9th. The Goldman Sachs Group raised their target price on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Finally, Wolfe Research downgraded shares of Rivian Automotive from a “peer perform” rating to an “underperform” rating in a report on Monday, January 12th. Eleven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have given a Sell rating to the stock. According to MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and a consensus target price of $18.05.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $15.05 on Wednesday. Rivian Automotive has a fifty-two week low of $10.36 and a fifty-two week high of $22.69. The business has a 50-day moving average of $15.40 and a two-hundred day moving average of $15.92. The stock has a market capitalization of $18.68 billion, a P/E ratio of -4.90 and a beta of 1.75. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.33 and a quick ratio of 1.89.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 12th. The electric vehicle automaker reported ($0.54) 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 for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the prior year, the firm posted ($0.70) EPS. The firm’s revenue for the quarter was down 25.8% on a year-over-year basis. On average, equities research analysts predict that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 27,133 shares of the firm’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $455,834.40. Following the sale, the chief financial officer owned 680,836 shares in the company, valued at approximately $11,438,044.80. This trade represents a 3.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 34,900 shares of the business’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total transaction of $586,320.00. Following the transaction, the chief executive officer directly owned 1,044,731 shares in the company, valued at $17,551,480.80. This trade represents a 3.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 131,833 shares of company stock valued at $2,196,995. Corporate insiders own 2.16% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Illinois Municipal Retirement Fund increased its holdings in shares of Rivian Automotive by 1.6% during the 4th quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker’s stock worth $853,000 after purchasing an additional 686 shares during the period. Merit Financial Group LLC lifted its stake in shares of Rivian Automotive by 3.2% in the fourth quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock valued at $456,000 after buying an additional 718 shares during the period. Geneos Wealth Management Inc. lifted its stake in shares of Rivian Automotive by 36.5% in the fourth quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock valued at $54,000 after buying an additional 739 shares during the period. Utah Retirement Systems grew its position in Rivian Automotive by 0.6% during the fourth quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker’s stock worth $2,533,000 after buying an additional 744 shares in the last quarter. Finally, Tradition Wealth Management LLC grew its position in Rivian Automotive by 5.7% during the fourth quarter. Tradition Wealth Management LLC now owns 14,056 shares of the electric vehicle automaker’s stock worth $277,000 after buying an additional 753 shares in the last quarter. 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.