Rivian Automotive (NASDAQ:RIVN) Coverage Initiated by Analysts at Benchmark

Benchmark started coverage on shares of Rivian Automotive (NASDAQ:RIVN) in a research report issued on Monday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $18.00 price target on the electric vehicle automaker’s stock. Benchmark’s price objective indicates a potential upside of 38.46% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Guggenheim lowered their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Wolfe Research began coverage on Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. Stifel Nicolaus reduced their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 11th. Needham & Company LLC lowered their target price on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a report on Friday, November 8th. Finally, Barclays cut their price target on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $15.83.

Rivian Automotive Stock Up 5.3 %

Shares of RIVN opened at $13.00 on Monday. The firm has a fifty day moving average price of $10.74 and a 200-day moving average price of $12.54. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $13.27 billion, a P/E ratio of -2.32 and a beta of 2.12. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $24.61.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 8,097 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the transaction, the chief financial officer now owns 370,401 shares in the company, valued at $4,518,892.20. This trade represents a 2.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $12,127,675.68. This trade represents a 8.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 261,307 shares of company stock worth $3,178,479 in the last three months. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds have recently added to or reduced their stakes in the company. Baillie Gifford & Co. raised its holdings in Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after purchasing an additional 17,341,786 shares during the period. Geode Capital Management LLC increased its position in shares of Rivian Automotive by 1.8% in the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock valued at $145,550,000 after buying an additional 223,860 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after buying an additional 3,285,867 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after buying an additional 2,035,831 shares in the last quarter. Finally, abrdn plc grew its stake in Rivian Automotive by 17.8% in the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after acquiring an additional 518,561 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.