Rivian Automotive (NASDAQ:RIVN) PT Raised to $20.00

Rivian Automotive (NASDAQ:RIVN) had its target price boosted by investment analysts at Wedbush from $15.00 to $20.00 in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. The firm currently has an “outperform” rating on the electric vehicle automaker’s stock. Wedbush’s target price indicates a potential upside of 38.22% from the stock’s previous close.

A number of other equities analysts also recently issued reports on the company. Mizuho cut their target price on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. Jefferies Financial Group initiated coverage on shares of Rivian Automotive in a research report on Thursday, March 7th. They set a “buy” rating and a $16.00 target price on the stock. Morgan Stanley cut their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a report on Thursday, April 4th. Piper Sandler raised shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $15.00 to $21.00 in a report on Friday, March 15th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $15.00 target price on shares of Rivian Automotive in a report on Monday, June 17th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Moderate Buy” and a consensus target price of $19.17.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN opened at $14.47 on Wednesday. The stock has a fifty day moving average price of $10.59 and a 200 day moving average price of $13.56. Rivian Automotive has a 1-year low of $8.26 and a 1-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 $14.40 billion, a PE ratio of -2.51 and a beta of 2.01.

Rivian Automotive (NASDAQ:RIVN) last issued 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 firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. Sell-side analysts forecast that Rivian Automotive will post -4.94 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive 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 completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,452,349.59. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently bought and sold shares of the stock. Bear Mountain Capital Inc. purchased a new stake in shares of Rivian Automotive during the 4th quarter valued at $26,000. Ancora Advisors LLC purchased a new stake in Rivian Automotive during the third quarter valued at about $27,000. EverSource Wealth Advisors LLC increased its stake in 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 acquiring an additional 2,380 shares during the last quarter. Principal Securities Inc. purchased a new position in shares of Rivian Automotive in the 4th quarter worth about $33,000. Finally, Benjamin Edwards Inc. acquired a new position in shares of Rivian Automotive in the 1st quarter valued at about $33,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.