JPMorgan Chase & Co. Raises Rivian Automotive (NASDAQ:RIVN) Price Target to $14.00

Rivian Automotive (NASDAQ:RIVN) had its target price hoisted by JPMorgan Chase & Co. from $10.00 to $14.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has an underweight rating on the electric vehicle automaker’s stock.

Several other equities analysts have also recently issued reports on RIVN. Cantor Fitzgerald upped their target price on shares of Rivian Automotive from $15.00 to $19.00 and gave the company an overweight rating in a research note on Wednesday. Mizuho lowered their price objective on shares of Rivian Automotive from $12.00 to $11.00 and set a neutral rating on the stock in a research report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft reaffirmed a hold rating and issued a $15.00 target price on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Wells Fargo & Company lowered their price target on Rivian Automotive from $14.00 to $10.00 and set an equal weight rating on the stock in a report on Wednesday, May 8th. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $13.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $19.63.

Rivian Automotive Stock Performance

RIVN stock opened at $13.42 on Wednesday. The stock’s 50 day simple moving average is $10.68 and its 200 day simple moving average is $13.52. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $28.06. The stock has a market capitalization of $13.36 billion, a PE ratio of -2.33 and a beta of 2.01.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly 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). Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. As a group, research analysts forecast that Rivian Automotive will post -4.94 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 909,691 shares in the company, valued at $10,234,023.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. EverSource Wealth Advisors LLC raised its position in shares of 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 valued at $29,000 after buying an additional 2,380 shares during the last quarter. Westwood Holdings Group Inc. grew its stake in Rivian Automotive by 240.3% during the first quarter. Westwood Holdings Group Inc. now owns 273,801 shares of the electric vehicle automaker’s stock valued at $2,998,000 after acquiring an additional 193,345 shares in the last quarter. DekaBank Deutsche Girozentrale increased its holdings in Rivian Automotive by 2.5% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 384,101 shares of the electric vehicle automaker’s stock valued at $4,149,000 after acquiring an additional 9,508 shares during the last quarter. EULAV Asset Management lifted its stake in Rivian Automotive by 33.3% in the 1st quarter. EULAV Asset Management now owns 680,000 shares of the electric vehicle automaker’s stock worth $7,446,000 after purchasing an additional 170,000 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Rivian Automotive by 571.5% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 502,949 shares of the electric vehicle automaker’s stock valued at $5,507,000 after purchasing an additional 428,050 shares during the last quarter. 66.25% of the stock is currently owned by 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.