Canaccord Genuity Group Reaffirms "Buy" Rating for Rivian Automotive (NASDAQ:RIVN)

Key Points

• Canaccord Genuity Group has reaffirmed a "Buy" rating for Rivian Automotive (NASDAQ:RIVN) with a price target of $21.00, suggesting a potential upside of 56.06% from the company's previous close.
• Recent stock performance shows Rivian's share price trading down 0.5% at $13.46, with a market capitalization of $16.33 billion and a PE ratio of -4.17.
• Rivian reported a quarterly EPS of ($0.97), missing analysts' expectations, while the company's revenue increased by 12.5% compared to the same quarter last year.

Rivian Automotive (NASDAQ:RIVN - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at Canaccord Genuity Group in a report issued on Friday,Benzinga reports. They currently have a $21.00 price objective on the electric vehicle automaker's stock. Canaccord Genuity Group's price objective would suggest a potential upside of 56.06% from the company's previous close.

A number of other equities research analysts have also weighed in on RIVN. Wall Street Zen lowered shares of Rivian Automotive from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Wedbush reduced their target price on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating for the company in a research report on Wednesday, August 6th. UBS Group reduced their target price on shares of Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating for the company in a research report on Wednesday, August 6th. The Goldman Sachs Group raised their price objective on shares of Rivian Automotive from $12.00 to $15.00 and gave the stock a "neutral" rating in a report on Monday. Finally, Needham & Company LLC reissued a "buy" rating and issued a $14.00 price target on shares of Rivian Automotive in a report on Monday, August 25th. Five investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $13.85.

Rivian Automotive Trading Down 0.5%

RIVN traded down $0.07 during trading on Friday, reaching $13.46. 8,951,010 shares of the stock traded hands, compared to its average volume of 36,181,938. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $16.33 billion, a PE ratio of -4.17 and a beta of 1.82. The stock's 50-day moving average is $13.49 and its 200 day moving average is $13.36. Rivian Automotive has a 12 month low of $9.50 and a 12 month high of $17.15.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32). The firm had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The business's revenue was up 12.5% compared to the same quarter last year. During the same period last year, the company posted ($1.46) EPS. Equities analysts anticipate that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total transaction of $244,300.00. Following the transaction, the chief executive officer owned 1,316,205 shares in the company, valued at $18,426,870. This represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total transaction of $88,993.16. Following the transaction, the chief financial officer owned 789,445 shares in the company, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 42,147 shares of company stock worth $577,593. Corporate insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Larson Financial Group LLC boosted its stake in Rivian Automotive by 7.4% during the first quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker's stock worth $131,000 after buying an additional 722 shares during the period. Brown Advisory Inc. boosted its stake in shares of Rivian Automotive by 2.4% in the first quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker's stock valued at $405,000 after purchasing an additional 772 shares during the period. First National Trust Co boosted its stake in shares of Rivian Automotive by 5.3% in the first quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker's stock valued at $199,000 after purchasing an additional 800 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Rivian Automotive by 1.5% in the first quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker's stock valued at $750,000 after purchasing an additional 867 shares during the period. Finally, TD Asset Management Inc boosted its stake in shares of Rivian Automotive by 1.2% in the second quarter. TD Asset Management Inc now owns 75,841 shares of the electric vehicle automaker's stock valued at $1,042,000 after purchasing an additional 870 shares during the period. 66.25% of the stock is currently owned by institutional investors.

About Rivian Automotive

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.

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