Benchmark Initiates Coverage on Rivian Automotive

Equities research analysts at Benchmark have started covering shares of Rivian Automotive (NASDAQ:RIVN) as announced in a note to investors on Monday. In this note, they assigned a "buy" rating along with a price target of $18.00 for the electric vehicle maker. This price target suggests a potential upside of 28.02% from the current stock price of Rivian.

In recent weeks, various brokerage firms have expressed their views on Rivian Automotive. For instance, Wells Fargo & Company reduced their price target on Rivian shares from $15.00 to $11.00 while maintaining an "equal weight" rating. This update was made in a report on October 15th. Similarly, JPMorgan Chase & Co. also lowered their price target from $14.00 to $12.00 and rated the stock as "underweight" in a report dated October 22nd. Furthermore, Needham & Company LLC decreased their price objective on Rivian from $18.00 to $14.00 while maintaining a "buy" rating in a note released on November 8th. On September 25th, Morgan Stanley changed their recommendation from "overweight" to "equal weight" and reduced their target price from $16.00 to $13.00. Additionally, Wolfe Research began its coverage of Rivian Automotive with a rating of "peer perform".

Currently, the consensus from analysts indicates a mix of ratings: one analyst has rated Rivian as a sell, twelve have issued a hold rating while eleven have assigned a buy rating. According to data from MarketBeat, the stock has an average rating of "Hold" with a consensus target price of $15.83.

Rivian Automotive Stock Performance

On Monday, Rivian Automotive shares opened at $14.06. The company currently holds a market cap of $14.35 billion and has a negative P/E ratio of -2.51, reflecting the company's losses. Rivian's beta is reported at 2.12, indicating higher volatility compared to the market. The stock has reached a 12-month low of $8.26 and a high of $24.61. Currently, the 50-day moving average is noted at $10.87, while the 200-day moving average stands at $12.60. In terms of liquidity, the company's current ratio is 5.09, quick ratio is 3.70, and the debt-to-equity ratio is at 0.93.

Insider Trading Activities

In other news regarding Rivian Automotive, CEO Robert J. Scaringe sold 83,334 shares of the company on November 25th at an average price of $11.25, amounting to approximately $937,507.50. After this transaction, he now owns 863,361 shares valued at around $9,712,811.25, which shows a decrease of 8.80% in his shareholding. This sale was made public through an SEC filing. Additionally, CFO Claire McDonough sold 3,210 shares at an average price of $10.03 on November 18th, bringing in a total of $32,196.30. Post this sale, she holds 378,498 shares valued at $3,796,334.94, reflecting a slight decline of 0.84% in her holdings. In total, company insiders have disposed of 261,307 shares valued at $3,178,479 during the past ninety days, and corporate insiders own approximately 2.51% of the stock.

Institutional Investor Activity

Recently, several institutional investors have adjusted their positions in Rivian Automotive. Notably, Baillie Gifford & Co. increased their holdings by 52.5% during the third quarter, now owning 50,357,579 shares valued at $565,012,000 after acquiring an additional 17,341,786 shares. In the second quarter, Renaissance Technologies LLC raised its stake significantly by 153.2%, now holding 5,430,500 shares worth $72,877,000 after buying an extra 3,285,867 shares. Charles Schwab Investment Management Inc. also boosted their shares by 79.2%, owning 4,607,220 shares valued at $51,693,000 following an additional purchase of 2,035,831 shares during the last quarter. Other notable investors, such as AQR Capital Management LLC and Bank of New York Mellon Corp, also grew their stakes during recent periods. Collectively, institutional investors currently possess 66.25% of Rivian Automotive's stock.

About Rivian Automotive

Rivian Automotive, Inc. and its subsidiaries are engaged in designing, developing, manufacturing, and selling electric vehicles and their accessories. The company’s product lineup includes a five-passenger pickup truck branded as R1T and a seven-passenger sport utility vehicle called R1S.

Rivian, Analysts, Coverage