Rivian Automotive (NASDAQ:RIVN) Given Buy Rating at TD Cowen

Key Points

• TD Cowen reiterated a Buy rating on Rivian Automotive and kept a $20 price target, implying about 9.5% upside from the current share price.
• Other analysts remain mixed but generally constructive, with several firms maintaining Buy/Outperform ratings; overall, Rivian’s consensus rating is still Hold with a $18.57 average target.
• Rivian shares traded at $18.26 on Wednesday, near the top of their recent range, while insiders have recently sold stock and institutional investors continue to hold a large majority of the company.

Rivian Automotive (NASDAQ:RIVN - Get Free Report)'s stock had its "buy" rating restated by analysts at TD Cowen in a report released on Wednesday,Benzinga reports. They presently have a $20.00 target price on the electric vehicle automaker's stock. TD Cowen's target price would indicate a potential upside of 9.53% from the company's current price.

A number of other analysts also recently issued reports on the stock. Wedbush reaffirmed an "outperform" rating and set a $25.00 price target on shares of Rivian Automotive in a report on Friday, February 13th. BNP Paribas Exane restated an "outperform" rating and set a $22.00 price objective (down from $23.00) on shares of Rivian Automotive in a research report on Friday, May 1st. Benchmark reaffirmed a "buy" rating and issued a $25.00 target price on shares of Rivian Automotive in a research report on Friday, May 1st. Stifel Nicolaus boosted their target price on shares of Rivian Automotive from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Tuesday, February 17th. Finally, Weiss Ratings cut Rivian Automotive from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, May 4th. Twelve analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $18.57.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock traded up $0.97 during trading on Wednesday, hitting $18.26. 14,254,541 shares of the company's stock traded hands, compared to its average volume of 29,618,061. Rivian Automotive has a 1 year low of $11.57 and a 1 year high of $22.69. The business has a 50-day simple moving average of $15.29 and a 200-day simple moving average of $16.29. The stock has a market capitalization of $22.66 billion, a P/E ratio of -6.25 and a beta of 1.62. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 10,245 shares of the business's stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total transaction of $184,410.00. Following the completion of the sale, the chief financial officer directly owned 946,814 shares in the company, valued at approximately $17,042,652. The trade was a 1.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the company's stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the sale, the chief executive officer directly owned 922,286 shares of the company's stock, valued at approximately $13,834,290. This represents a 3.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 117,790 shares of company stock worth $1,832,466. 1.48% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of RIVN. Danske Bank A S raised its stake in Rivian Automotive by 36.8% during the 4th quarter. Danske Bank A S now owns 613,993 shares of the electric vehicle automaker's stock worth $12,102,000 after acquiring an additional 165,300 shares during the period. Trek Financial LLC purchased a new stake in shares of Rivian Automotive in the fourth quarter worth $6,115,000. New York State Common Retirement Fund increased its stake in shares of Rivian Automotive by 36.4% in the third quarter. New York State Common Retirement Fund now owns 597,353 shares of the electric vehicle automaker's stock worth $8,769,000 after purchasing an additional 159,400 shares in the last quarter. Swedbank AB raised its position in shares of Rivian Automotive by 8.6% during the 4th quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker's stock valued at $18,553,000 after purchasing an additional 74,322 shares during the period. Finally, DNB Asset Management AS raised its position in shares of Rivian Automotive by 85.4% during the 3rd quarter. DNB Asset Management AS now owns 728,262 shares of the electric vehicle automaker's stock valued at $10,691,000 after purchasing an additional 335,511 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

About Rivian Automotive

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.

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