Wolfe Research Maintains Peer Perform Status for Rivian Automotive (RIVN)

Wolfe Research has reaffirmed its peer perform rating for Rivian Automotive (NASDAQ: RIVN), according to a recent report published by MarketBeat Ratings. With multiple equity analysts providing insights on the electric vehicle maker's forecast, Rivian has garnered a mix of ratings that lean towards optimism within the investment community.

Analyst Ratings Vary for Rivian Automotive

Equity analysts from diverse firms have published their ratings on Rivian Automotive. Evercore ISI upgraded the company from an 'in-line' rating to 'outperform,' with a target price of $35. Cantor Fitzgerald, however, lowered their price target from $29 to $27 but still maintains an 'overweight' rating. New coverage by Stifel Nicolaus awarded Rivian a 'buy' rating and a price objective of $23, and Needham & Company LLC reiterated a 'buy' rating with a $31 target. On the more cautious end, Wells Fargo & Company decreased their price target to $19 while giving the stock an 'equal weight' rating. In total, six analysts have given holds, while sixteen are suggesting buys, culminating in a consensus of a 'Moderate Buy' rating with an average price target of $28.48.

Rivian Automotive's Stock and Financials Overview

On a recent trading day, Rivian shares opened at $19.50, with the stock's 50-day and 200-day moving averages at $18.92 and $20.62 respectively. The company's market capitalization stands at $18.68 billion, and it has fluctuated between a 12-month low of $11.68 and a high of $28.06. Rivian's earnings per share for the past quarter were reported at a loss of ($1.44), beating the projected ($1.61) estimate. Revenues hit $1.34 billion, marking a significant year-over-year increase, although the net margin remains negative. Analyst projections estimate that Rivian will end the current fiscal year with an EPS of -5.94.

Insider Trading and Institutional Investment

In insider trading news, Rivian's CFO, Claire Mcdonough, sold 3,265 shares at an average price of $17.08, totalling $55,766.20. Post-sale, McDonough directly owns 173,030 shares of the company. Institutional investments saw an array of adjustments with firms like WFA of San Diego and Sunbelt Securities increasing their stakes, while new positions were initiated by Comerica Bank and Ancora Advisors LLC, among others. Currently, institutional investors hold approximately 62.79% of Rivian's stock.

About Rivian Automotive

Rivian Automotive, Inc. focuses on designing, developing, manufacturing, and selling electric vehicles and related products. Its lineup includes five-passenger pickup trucks and seven-passenger SUVs. Additionally, it has partnered with Amazon.com Inc. for the development of electric delivery vans. Rivian sells its vehicles directly to both consumer and commercial markets.

Rivian, Automotive, Stocks