TD Cowen Begins Coverage on Rivian Automotive (NASDAQ:RIVN)

TD Cowen assumed coverage on shares of Rivian Automotive (NASDAQ:RIVN) in a report released on Friday,Briefing.com Automated Import reports. The firm set a “hold” rating and a $12.70 price target on the electric vehicle automaker’s stock. TD Cowen’s price objective would indicate a potential upside of 15.14% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on RIVN. Piper Sandler cut their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Benchmark began coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They set a “buy” rating and a $18.00 target price on the stock. Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Stifel Nicolaus dropped their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 11th. Finally, Truist Financial raised their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $14.78.

Rivian Automotive Price Performance

RIVN stock opened at $11.03 on Friday. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a market cap of $12.47 billion, a price-to-earnings ratio of -2.34 and a beta of 2.04. The company’s fifty day simple moving average is $13.17 and its 200 day simple moving average is $12.39. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. On average, analysts expect that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were 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 approximately $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 275,357 shares of company stock valued at $3,988,140 over the last three months. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RIVN. Farther Finance Advisors LLC raised its stake in Rivian Automotive by 150.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 15,588 shares of the electric vehicle automaker’s stock valued at $175,000 after acquiring an additional 9,357 shares during the period. Van ECK Associates Corp raised its position in shares of Rivian Automotive by 31.0% in the third quarter. Van ECK Associates Corp now owns 372,093 shares of the electric vehicle automaker’s stock valued at $4,175,000 after purchasing an additional 88,047 shares during the period. Robeco Institutional Asset Management B.V. lifted its stake in shares of Rivian Automotive by 1,090.0% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 169,384 shares of the electric vehicle automaker’s stock valued at $1,900,000 after buying an additional 155,150 shares in the last quarter. QRG Capital Management Inc. purchased a new stake in shares of Rivian Automotive during the 3rd quarter valued at approximately $338,000. Finally, Capital Performance Advisors LLP bought a new position in Rivian Automotive in the 3rd quarter worth approximately $44,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.