Rivian Automotive (NASDAQ:RIVN) Price Target Increased to $13.00 by Analysts at DA Davidson

Rivian Automotive (NASDAQ:RIVN) had its target price lifted by DA Davidson from $12.00 to $13.00 in a research note published on Friday morning, Benzinga reports. DA Davidson currently has a neutral rating on the electric vehicle automaker’s stock.

A number of other research firms have also commented on RIVN. Jefferies Financial Group started coverage on shares of Rivian Automotive in a research report on Thursday, March 7th. They issued a buy rating and a $16.00 price target on the stock. Deutsche Bank Aktiengesellschaft reissued a hold rating and set a $15.00 target price on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Mizuho lowered their price target on Rivian Automotive from $12.00 to $11.00 and set a neutral rating on the stock in a research report on Wednesday, May 8th. Cantor Fitzgerald boosted their price objective on Rivian Automotive from $15.00 to $19.00 and gave the stock an overweight rating in a research report on Wednesday. Finally, Truist Financial raised their target price on Rivian Automotive from $10.00 to $13.00 and gave the company a hold rating in a report on Wednesday. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive currently has a consensus rating of Moderate Buy and a consensus target price of $19.63.

Rivian Automotive Stock Performance

Shares of RIVN opened at $13.42 on Friday. The company’s fifty day moving average is $10.68 and its 200-day moving average is $13.52. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. Analysts predict that Rivian Automotive will post -4.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $11.49, for a total value of $820,719.21. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,452,349.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several large investors have recently added to or reduced their stakes in the company. Bear Mountain Capital Inc. acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $26,000. Ancora Advisors LLC acquired a new position in Rivian Automotive in the third quarter worth $27,000. EverSource Wealth Advisors LLC grew its holdings in shares of Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares during the last quarter. Principal Securities Inc. acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at $33,000. Finally, Benjamin Edwards Inc. bought a new position in shares of Rivian Automotive in the first quarter valued at about $33,000. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Company Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.