Rivian Automotive (NASDAQ:RIVN) Coverage Initiated at DA Davidson

Stock analysts at DA Davidson began coverage on shares of Rivian Automotive (NASDAQ:RIVNGet Rating) in a report issued on Wednesday, The Fly reports. The brokerage set an “underperform” rating on the electric vehicle automaker’s stock.

RIVN has been the topic of several other research reports. Robert W. Baird decreased their target price on Rivian Automotive from $84.00 to $67.00 in a report on Thursday, May 12th. BNP Paribas upgraded Rivian Automotive from an “underperform” rating to a “neutral” rating and set a $26.00 target price on the stock in a report on Thursday, May 12th. Deutsche Bank Aktiengesellschaft decreased their target price on Rivian Automotive from $90.00 to $69.00 in a report on Friday, May 13th. Barclays decreased their target price on Rivian Automotive from $38.00 to $24.00 in a report on Friday, May 13th. Finally, Wells Fargo & Company decreased their price target on Rivian Automotive from $40.00 to $24.00 in a report on Wednesday, May 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of 73.12.

Shares of NASDAQ RIVN traded down 1.15 during trading hours on Wednesday, reaching 30.25. The stock had a trading volume of 13,518,311 shares, compared to its average volume of 20,493,213. The business’s fifty day moving average is 35.06 and its two-hundred day moving average is 65.60. The company has a debt-to-equity ratio of 0.07, a quick ratio of 10.86 and a current ratio of 11.19. Rivian Automotive has a twelve month low of 19.25 and a twelve month high of 179.47.

Rivian Automotive (NASDAQ:RIVNGet Rating) last released its quarterly earnings data on Wednesday, May 11th. The electric vehicle automaker reported -1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of -1.50 by 0.07. The company had revenue of 95.00 million for the quarter, compared to analyst estimates of 113.64 million. Sell-side analysts expect that Rivian Automotive will post -6.39 EPS for the current year.

In other Rivian Automotive news, Director Jay T. Flatley purchased 40,000 shares of the company’s stock in a transaction dated Thursday, May 26th. The shares were bought at an average price of 29.31 per share, with a total value of 1,172,400.00. Following the completion of the transaction, the director now directly owns 92,616 shares in the company, valued at approximately 2,714,574.96. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Motor Co Ford sold 7,000,000 shares of the firm’s stock in a transaction dated Friday, May 13th. The stock was sold at an average price of 26.88, for a total value of 188,160,000.00. Following the sale, the insider now directly owns 86,947,494 shares in the company, valued at approximately 2,337,148,638.72. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,006,926 shares of company stock worth $402,737,029. 2.34% of the stock is currently owned by insiders.

A number of institutional investors have recently made changes to their positions in the stock. Amazon com Inc acquired a new stake in Rivian Automotive in the 4th quarter valued at approximately $16,420,746,000. Coatue Management LLC acquired a new position in shares of Rivian Automotive during the 4th quarter worth approximately $3,652,616,000. Capital Research Global Investors increased its position in shares of Rivian Automotive by 20.7% during the 1st quarter. Capital Research Global Investors now owns 31,074,412 shares of the electric vehicle automaker’s stock worth $1,520,474,000 after purchasing an additional 5,318,672 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Rivian Automotive during the 4th quarter worth approximately $3,195,595,000. Finally, Soros Fund Management LLC acquired a new position in shares of Rivian Automotive during the 4th quarter worth approximately $2,056,770,000. 78.67% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Company Profile (Get Rating)

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.

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