Rivian Automotive (NASDAQ:RIVN) Price Target Raised to $14.00

Rivian Automotive (NASDAQ:RIVN) had its price objective hoisted by Wells Fargo & Company from $11.00 to $14.00 in a research report released on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the electric vehicle automaker’s stock.

A number of other research analysts also recently issued reports on RIVN. Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $20.00 to $13.00 in a research note on Friday, November 8th. Wedbush restated an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a research report on Friday, November 8th. Baird R W downgraded shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Needham & Company LLC increased their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price objective on the stock. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average price target of $15.09.

Rivian Automotive Stock Down 4.7 %

RIVN stock opened at $12.97 on Friday. The stock has a market cap of $13.24 billion, a P/E ratio of -2.75 and a beta of 2.04. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $18.85. The company’s 50 day moving average is $13.56 and its two-hundred day moving average is $12.50.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Research analysts expect that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 8,097 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the sale, the chief financial officer now owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $13.88, for a total value of $991,434.52. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,983,450.68. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 283,454 shares of company stock valued at $4,086,923 over the last quarter. Corporate insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently modified their holdings of RIVN. Tandem Financial LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter worth $25,000. Bank of Jackson Hole Trust acquired a new position in shares of Rivian Automotive in the 4th quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive during the 3rd quarter valued at approximately $28,000. GHP Investment Advisors Inc. boosted its stake in shares of Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 1,002 shares during the last quarter. Finally, American Capital Advisory LLC boosted its stake in Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after acquiring an additional 2,111 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.