Tigress Financial Reaffirms Buy Rating for Rivian Automotive (NASDAQ:RIVN)

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “buy” rating reiterated by research analysts at Tigress Financial in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $25.00 price target on the electric vehicle automaker’s stock. Tigress Financial’s price objective points to a potential upside of 62.02% from the stock’s current price.

RIVN has been the subject of several other reports. Wedbush reissued an “outperform” rating and set a $25.00 price objective on shares of Rivian Automotive in a research note on Friday, February 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a report on Thursday, January 22nd. Cantor Fitzgerald reiterated a “neutral” rating on shares of Rivian Automotive in a report on Monday, February 9th. Canaccord Genuity Group restated a “buy” rating and issued a $22.00 target price on shares of Rivian Automotive in a research note on Monday. Finally, Stifel Nicolaus upped 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. Eleven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $18.05.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock traded up $0.19 during trading on Friday, hitting $15.43. 19,234,365 shares of the company were exchanged, compared to its average volume of 29,903,725. The company has a quick ratio of 1.89, a current ratio of 2.33 and a debt-to-equity ratio of 0.97. Rivian Automotive has a fifty-two week low of $10.85 and a fifty-two week high of $22.69. The stock has a market capitalization of $19.15 billion, a price-to-earnings ratio of -5.03 and a beta of 1.69. The firm has a 50 day moving average price of $15.32 and a 200 day moving average price of $15.95.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.54) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.14. The firm had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative net margin of 67.68% and a negative return on equity of 65.05%. Rivian Automotive’s revenue for the quarter was down 25.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.70) EPS. On average, equities analysts expect that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 27,133 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $455,834.40. Following the completion of the sale, the chief financial officer owned 680,836 shares in the company, valued at $11,438,044.80. This represents a 3.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 20,264 shares of the stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $15.00, for a total transaction of $303,960.00. Following the completion of the sale, the chief executive officer owned 1,022,584 shares of the company’s stock, valued at approximately $15,338,760. The trade was a 1.94% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 134,647 shares of company stock valued at $2,159,808 over the last 90 days. 2.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Brighton Jones LLC increased its holdings in shares of Rivian Automotive by 28.0% during the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after purchasing an additional 3,864 shares during the period. AQR Capital Management LLC boosted its position in shares of Rivian Automotive by 1.5% during the 1st quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock valued at $4,733,000 after acquiring an additional 5,590 shares in the last quarter. Empowered Funds LLC boosted its position in Rivian Automotive by 10.1% in the first quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock valued at $679,000 after buying an additional 4,998 shares in the last quarter. Focus Partners Wealth boosted its position in Rivian Automotive by 29.0% in the first quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock valued at $803,000 after buying an additional 14,497 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its position in Rivian Automotive by 57.1% in the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock valued at $64,000 after buying an additional 1,856 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

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.