Rivian Automotive (NASDAQ:RIVN) Earns Buy Rating from Analysts at Guggenheim

Guggenheim initiated coverage on shares of Rivian Automotive (NASDAQ:RIVN) in a report issued on Tuesday, Marketbeat reports. The brokerage issued a buy rating and a $18.00 price target on the electric vehicle automaker’s stock.

A number of other research firms also recently commented on RIVN. Deutsche Bank Aktiengesellschaft reissued a hold rating and set a $15.00 target price on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Wells Fargo & Company cut their target price on shares of Rivian Automotive from $14.00 to $10.00 and set an equal weight rating on the stock in a research report on Wednesday, May 8th. Cantor Fitzgerald reissued an overweight rating and set a $15.00 target price on shares of Rivian Automotive in a research report on Monday, June 17th. Barclays lowered their price target on shares of Rivian Automotive from $12.00 to $10.00 and set an equal weight rating on the stock in a report on Friday, April 19th. Finally, UBS Group upgraded shares of Rivian Automotive from a sell rating to a neutral rating and set a $9.00 price target on the stock in a report on Tuesday, April 16th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $18.96.

Rivian Automotive Trading Up 8.6 %

RIVN stock opened at $11.96 on Tuesday. The company has a market capitalization of $11.90 billion, a PE ratio of -2.07 and a beta of 2.00. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $28.06. The firm’s 50-day moving average is $10.35 and its 200 day moving average is $13.54. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. On average, research analysts anticipate that Rivian Automotive will post -4.96 EPS for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $11.49, for a total transaction of $820,719.21. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,452,349.59. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. Bear Mountain Capital Inc. purchased a new stake in Rivian Automotive in the 4th quarter worth $26,000. Ancora Advisors LLC acquired a new stake in Rivian Automotive during the 3rd quarter worth $27,000. EverSource Wealth Advisors LLC boosted its stake in Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares during the last quarter. Principal Securities Inc. acquired a new stake in Rivian Automotive during the 4th quarter worth $33,000. Finally, Benjamin Edwards Inc. acquired a new stake in Rivian Automotive during the 1st quarter worth $33,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.