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

DA Davidson assumed coverage on shares of Rivian Automotive (NASDAQ:RIVN – Get Rating) in a research report issued on Wednesday, The Fly reports. The firm set an “underperform” rating on the electric vehicle automaker’s stock.

RIVN has been the subject of several other reports. Royal Bank of Canada dropped their price objective on Rivian Automotive from $100.00 to $77.00 in a report on Thursday, May 12th. Piper Sandler lowered their price target on Rivian Automotive from $112.00 to $108.00 in a report on Thursday, May 12th. Wells Fargo & Company lowered their price target on Rivian Automotive from $40.00 to $24.00 in a report on Wednesday, May 11th. Zacks Investment Research raised Rivian Automotive from a “sell” rating to a “hold” rating in a report on Wednesday, May 18th. Finally, BNP Paribas raised Rivian Automotive from an “underperform” rating to a “neutral” rating and set a $26.00 price target for the company in a report on Thursday, May 12th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive currently has an average rating of “Buy” and an average price target of 73.12.

NASDAQ RIVN traded down 1.15 during midday trading on Wednesday, hitting 30.25. The company had a trading volume of 13,518,311 shares, compared to its average volume of 20,493,213. The company has a debt-to-equity ratio of 0.07, a current ratio of 11.19 and a quick ratio of 10.86. The firm has a 50-day moving average price of 35.06 and a 200-day moving average price of 65.60. Rivian Automotive has a twelve month low of 19.25 and a twelve month high of 179.47.

Rivian Automotive (NASDAQ:RIVN – Get Rating) last announced its quarterly earnings data on Wednesday, May 11th. The electric vehicle automaker reported -1.43 earnings per share for the quarter, beating the consensus estimate of -1.50 by 0.07. The company had revenue of 95.00 million during the quarter, compared to analyst estimates of 113.64 million. As a group, equities analysts predict that Rivian Automotive will post -6.39 earnings per share for the current fiscal year.

In related news, Director Jay T. Flatley purchased 40,000 shares of Rivian Automotive stock in a transaction on Thursday, May 26th. The shares were purchased at an average price of 29.31 per share, for a total transaction of 1,172,400.00. Following the transaction, the director now owns 92,616 shares of the company’s stock, valued at approximately 2,714,574.96. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Jeff Baker sold 6,034 shares of the company’s stock in a transaction dated Monday, May 16th. The shares were sold at an average price of 25.56, for a total value of 154,229.04. Following the completion of the sale, the chief accounting officer now owns 80,778 shares in the company, valued at approximately 2,064,685.68. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,006,926 shares of company stock valued at $402,737,029. Insiders own 2.34% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sargent Bickham Lagudis LLC bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $25,000. Global Wealth Management Investment Advisory Inc. bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $25,000. Baldwin Brothers LLC MA bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $26,000. Retirement Group LLC bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $26,000. Finally, Lumature Wealth Partners LLC bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $26,000. Hedge funds and other institutional investors own 78.67% of the company’s stock.

About Rivian Automotive (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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