Rivian Automotive (NASDAQ:RIVN) Research Coverage Started at Citigroup

Citigroup assumed coverage on shares of Rivian Automotive (NASDAQ:RIVN) in a research report report published on Monday morning,Benzinga reports. The firm issued a neutral rating and a $18.00 target price on the electric vehicle automaker’s stock.

A number of other research firms also recently weighed in on RIVN. Stifel Nicolaus set a $22.00 price target on shares of Rivian Automotive in a research note on Monday, August 24th. BNP Paribas Exane upped their price objective on Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Jefferies Financial Group increased their target price on Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a research report on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft cut Rivian Automotive from a “buy” rating to an “underperform” rating in a report on Tuesday, August 4th. Finally, Morgan Stanley boosted their price target on Rivian Automotive from $13.00 to $14.00 and gave the company an “underweight” rating in a research report on Friday, July 31st. Twelve investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and seven have assigned a Sell rating to the company. According to MarketBeat, Rivian Automotive has an average rating of “Hold” and an average target price of $19.00.

Rivian Automotive Stock Down 2.0%

Shares of NASDAQ:RIVN opened at $15.23 on Monday. The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87. The firm has a market cap of $22.05 billion, a price-to-earnings ratio of -5.90 and a beta of 1.62. The stock’s 50-day moving average price is $16.26 and its two-hundred day moving average price is $15.91. Rivian Automotive has a 12-month low of $12.39 and a 12-month high of $22.69.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.03. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the prior year, the company posted ($0.97) EPS. The company’s quarterly revenue was up 27.2% compared to the same quarter last year. On average, research analysts forecast that Rivian Automotive will post -2.98 EPS for the current year.

Insider Buying and Selling

In related news, Director Karen Boone sold 20,000 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the sale, the director directly owned 110,000 shares in the company, valued at approximately $2,200,000. This represents a 15.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 8,023 shares of the firm’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the transaction, the chief financial officer directly owned 819,178 shares in the company, valued at $13,106,848. This trade represents a 0.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 56,167 shares of company stock valued at $963,306. Company insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently modified their holdings of RIVN. Reynders McVeigh Capital Management LLC raised its holdings in shares of Rivian Automotive by 6.8% during the 2nd quarter. Reynders McVeigh Capital Management LLC now owns 15,767 shares of the electric vehicle automaker’s stock valued at $274,000 after buying an additional 1,000 shares during the period. Tidal Investments LLC boosted its holdings in Rivian Automotive by 2.3% in the 2nd quarter. Tidal Investments LLC now owns 292,956 shares of the electric vehicle automaker’s stock worth $5,083,000 after acquiring an additional 6,566 shares during the period. MCF Advisors LLC boosted its holdings in Rivian Automotive by 3,500.0% in the 2nd quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock worth $31,000 after acquiring an additional 1,750 shares during the period. National Pension Service acquired a new stake in Rivian Automotive in the second quarter valued at approximately $790,000. Finally, Integrated Wealth Concepts LLC grew its position in Rivian Automotive by 21.4% in the second quarter. Integrated Wealth Concepts LLC now owns 33,437 shares of the electric vehicle automaker’s stock valued at $580,000 after acquiring an additional 5,896 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Rivian Automotive

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Rivian was highlighted as a beaten-down stock with substantial long-term upside potential. The opportunity depends on successful execution of the R2 program and continued improvement in the company’s financial performance. 2 Beaten-Down Stocks With Massive Upside Potential

About Rivian Automotive

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.

Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.