The Goldman Sachs Group Boosts Rivian Automotive (NASDAQ:RIVN) Price Target to $14.00

Rivian Automotive (NASDAQ:RIVN) had its price target lifted by equities researchers at The Goldman Sachs Group from $11.00 to $14.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “neutral” rating on the electric vehicle automaker’s stock. The Goldman Sachs Group’s price objective points to a potential upside of 1.60% from the company’s current price.

A number of other brokerages have also recently commented on RIVN. Cantor Fitzgerald increased their target price on shares of Rivian Automotive from $15.00 to $19.00 and gave the company an “overweight” rating in a research report on Wednesday, June 26th. Wedbush upped their price objective on shares of Rivian Automotive from $15.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, June 26th. Truist Financial upped their price objective on shares of Rivian Automotive from $10.00 to $13.00 and gave the company a “hold” rating in a report on Wednesday, June 26th. Guggenheim initiated coverage on shares of Rivian Automotive in a report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their price objective on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.04.

Rivian Automotive Stock Performance

NASDAQ RIVN traded up $0.36 during mid-day trading on Monday, reaching $13.78. 7,255,005 shares of the stock were exchanged, compared to its average volume of 42,894,918. The business’s 50 day moving average is $10.68 and its 200-day moving average is $13.44. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $28.06. The company has a market capitalization of $13.72 billion, a P/E ratio of -2.38 and a beta of 2.07. 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 (NASDAQ:RIVN) last issued its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. On average, equities research analysts forecast that Rivian Automotive will post -4.93 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. Price T Rowe Associates Inc. MD boosted its position in shares of Rivian Automotive by 35.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after buying an additional 25,550,489 shares in the last quarter. Baillie Gifford & Co. raised its stake in Rivian Automotive by 714.3% in the 1st 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 last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Rivian Automotive by 1,521.2% in the 1st 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 last quarter. Norges Bank acquired a new position in Rivian Automotive in the 4th quarter valued at about $129,427,000. Finally, Vanguard Group Inc. raised its stake in Rivian Automotive by 7.0% in the 4th 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 last quarter. 66.25% of the stock is currently owned by hedge funds and other 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.