Rivian Automotive (NASDAQ:RIVN) PT Raised to $30.00 at Canaccord Genuity Group

Rivian Automotive (NASDAQ:RIVN) had its price target increased by investment analysts at Canaccord Genuity Group from $20.00 to $30.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the electric vehicle automaker’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 117.71% from the company’s current price.

A number of other research firms have also commented on RIVN. Wells Fargo & Company reduced their target price on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, May 8th. JPMorgan Chase & Co. lifted their price objective on Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a report on Wednesday, June 26th. Truist Financial lifted their price objective on Rivian Automotive from $10.00 to $13.00 and gave the stock a “hold” rating in a report on Wednesday, June 26th. Cantor Fitzgerald lifted their price objective on Rivian Automotive from $15.00 to $19.00 and gave the stock an “overweight” rating in a report on Wednesday, June 26th. Finally, Royal Bank of Canada lifted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock a “sector perform” rating in a report on Monday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Rivian Automotive presently has an average rating of “Moderate Buy” and a consensus price target of $19.04.

Rivian Automotive Stock Up 2.7 %

RIVN stock traded up $0.36 on Monday, reaching $13.78. 7,255,005 shares of the company traded hands, compared to its average volume of 42,894,918. Rivian Automotive has a one year low of $8.26 and a one year high of $28.06. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55. The company has a market cap of $13.72 billion, a P/E ratio of -2.38 and a beta of 2.07. The firm has a fifty day simple moving average of $10.68 and a 200-day simple moving average of $13.44.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. Research analysts anticipate that Rivian Automotive will post -4.93 earnings per share for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,452,349.59. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of large investors have recently modified their holdings of RIVN. Price T Rowe Associates Inc. MD boosted its holdings in shares of Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after purchasing an additional 25,550,489 shares during the period. Baillie Gifford & Co. boosted its holdings in shares of Rivian Automotive by 714.3% in the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after purchasing an additional 22,194,018 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Rivian Automotive by 1,521.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after purchasing an additional 5,937,605 shares during the period. Norges Bank purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $129,427,000. Finally, Vanguard Group Inc. boosted its holdings in shares of Rivian Automotive by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after purchasing an additional 4,467,881 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.