Rivian Automotive (NASDAQ:RIVN) PT Raised to $19.00

Rivian Automotive (NASDAQ:RIVN) had its price target hoisted by investment analysts at Cantor Fitzgerald from $15.00 to $19.00 in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The firm presently has an “overweight” rating on the electric vehicle automaker’s stock. Cantor Fitzgerald’s target price indicates a potential upside of 31.31% from the company’s previous close.

A number of other equities research analysts also recently weighed in on RIVN. Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $15.00 to $21.00 in a report on Friday, March 15th. Guggenheim assumed coverage on shares of Rivian Automotive in a research report on Tuesday. They set a “buy” rating and a $18.00 target price on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 8th. Mizuho reduced 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. Finally, Jefferies Financial Group began coverage on Rivian Automotive in a report on Thursday, March 7th. They issued a “buy” rating and a $16.00 price objective for the company. One research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.17.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $14.47 on Wednesday. The company has a market capitalization of $14.40 billion, a price-to-earnings ratio of -2.51 and a beta of 2.01. 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 52 week low of $8.26 and a 52 week high of $28.06. The company has a 50-day simple moving average of $10.59 and a 200 day simple moving average of $13.56.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results 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). The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. On average, sell-side analysts predict that Rivian Automotive will post -4.94 earnings per share for the current year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Stifel Financial Corp lifted its position in shares of Rivian Automotive by 7.3% in the 3rd quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock worth $6,997,000 after purchasing an additional 19,699 shares during the period. Morgan Stanley boosted its position in Rivian Automotive by 14.0% during the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after acquiring an additional 1,193,650 shares during the last quarter. Trust Point Inc. acquired a new stake in Rivian Automotive during the 4th quarter worth about $246,000. Sapient Capital LLC bought a new position in shares of Rivian Automotive in the 4th quarter worth about $330,000. Finally, Gradient Investments LLC lifted its stake in shares of Rivian Automotive by 72.4% in the 4th quarter. Gradient Investments LLC now owns 2,463 shares of the electric vehicle automaker’s stock valued at $58,000 after purchasing an additional 1,034 shares during the period. 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.