Rivian Automotive (NASDAQ:RIVN) Now Covered by Analysts at Citigroup

Equities researchers at Citigroup began coverage on shares of Rivian Automotive (NASDAQ:RIVN) in a note issued to investors on Monday, Benzinga reports. The brokerage set a “neutral” rating and a $18.00 price target on the electric vehicle automaker’s stock. Citigroup’s price objective points to a potential upside of 13.49% from the stock’s current price.

A number of other brokerages have also recently commented on RIVN. Piper Sandler upgraded shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and increased their price target for the company from $18.00 to $20.00 in a research report on Monday, July 27th. Wells Fargo & Company boosted their price objective on shares of Rivian Automotive from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Friday, July 31st. Wall Street Zen cut shares of Rivian Automotive from a “hold” rating to a “sell” rating in a research note on Saturday, September 5th. Morgan Stanley increased their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “underweight” rating in a report on Friday, July 31st. Finally, Stifel Nicolaus set a $22.00 price target on shares of Rivian Automotive in a research note on Monday, August 24th. Twelve research analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $19.00.

Rivian Automotive Price Performance

NASDAQ RIVN traded down $0.17 during trading hours on Monday, reaching $15.86. 16,661,276 shares of the stock traded hands, compared to its average volume of 29,716,295. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65. The stock has a 50 day simple moving average of $16.39 and a two-hundred day simple moving average of $15.91. Rivian Automotive has a 1 year low of $12.39 and a 1 year high of $22.69. The company has a market cap of $22.96 billion, a price-to-earnings ratio of -6.15 and a beta of 1.62.

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

Insiders Place Their Bets

In other Rivian Automotive news, Director Karen Boone sold 20,000 shares of the business’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the transaction, the director owned 110,000 shares in the company, valued at approximately $2,200,000. The trade was a 15.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the transaction, the chief financial officer directly owned 819,178 shares of the company’s stock, valued at approximately $13,106,848. This trade represents a 0.97% 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. Insiders have sold a total of 41,167 shares of company stock valued at $718,956 over the last quarter. 1.48% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Capital International Investors grew its position in shares of Rivian Automotive by 13.2% in the 4th quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after buying an additional 2,418,717 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of Rivian Automotive by 1,696.5% during the second quarter. California State Teachers Retirement System now owns 22,267,094 shares of the electric vehicle automaker’s stock valued at $386,334,000 after acquiring an additional 21,027,647 shares in the last quarter. Geode Capital Management LLC lifted its stake in Rivian Automotive by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker’s stock worth $290,568,000 after acquiring an additional 59,503 shares during the period. Norges Bank bought a new stake in Rivian Automotive in the fourth quarter valued at $220,323,000. Finally, Dimensional Fund Advisors LP increased its position in Rivian Automotive by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,438,776 shares of the electric vehicle automaker’s stock valued at $111,896,000 after purchasing an additional 25,382 shares during the period. Institutional investors own 66.25% of the company’s stock.

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.