Guggenheim Reiterates Buy Rating for Rivian Automotive (NASDAQ:RIVN)

Rivian Automotive (NASDAQ:RIVN - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at Guggenheim in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $16.00 target price on the electric vehicle automaker's stock. Guggenheim's price target points to a potential upside of 26.02% from the company's current price.

Other research analysts also recently issued research reports about the company. JPMorgan Chase & Co. lowered their price target on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. UBS Group reduced their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. The Goldman Sachs Group lowered their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Truist Financial boosted their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a report on Thursday, January 16th. Finally, Bank of America cut Rivian Automotive from a "neutral" rating to an "underperform" rating and reduced their price objective for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $13.99.

Rivian Automotive Trading Down 6.0 %

RIVN traded down $0.80 during trading on Tuesday, reaching $12.70. The company had a trading volume of 56,921,438 shares, compared to its average volume of 36,241,110. The firm's 50-day simple moving average is $11.88 and its 200 day simple moving average is $12.28. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company has a market cap of $14.36 billion, a price-to-earnings ratio of -2.69 and a beta of 1.86. Rivian Automotive has a 12-month low of $9.25 and a 12-month high of $18.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Equities research analysts anticipate that Rivian Automotive will post -3.2 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 6,856 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, March 24th. The shares were sold at an average price of $11.82, for a total value of $844,290.78. Following the transaction, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at approximately $10,082,590.02. The trade was a 7.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock worth $2,154,905 over the last quarter. Company insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its holdings in Rivian Automotive by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock worth $63,055,000 after acquiring an additional 133,781 shares during the last quarter. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $1,363,000. Groupama Asset Managment bought a new position in Rivian Automotive in the 4th quarter worth approximately $26,600,000. SG Americas Securities LLC lifted its holdings in Rivian Automotive by 42.7% during the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock worth $2,404,000 after buying an additional 54,053 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in Rivian Automotive in the fourth quarter worth about $10,448,000. Institutional investors own 66.25% of the company's stock.

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.