DA Davidson Boosts Rivian Automotive (NASDAQ:RIVN) Price Target to $13.00

Rivian Automotive (NASDAQ:RIVN) had its price objective upped by DA Davidson from $12.00 to $13.00 in a report issued on Friday morning, Benzinga reports. They currently have a neutral rating on the electric vehicle automaker’s stock.

Other equities analysts have also issued reports about the company. Wedbush lifted their price objective on Rivian Automotive from $15.00 to $20.00 and gave the company an outperform rating in a research note on Wednesday, June 26th. Truist Financial boosted their price target on Rivian Automotive from $10.00 to $13.00 and gave the stock a hold rating in a research report on Wednesday, June 26th. Needham & Company LLC upped their target price on Rivian Automotive from $13.00 to $20.00 and gave the company a buy rating in a research report on Friday. Morgan Stanley reaffirmed an overweight rating and issued a $13.00 target price on shares of Rivian Automotive in a research report on Wednesday, June 26th. Finally, Barclays lowered their price target on Rivian Automotive from $12.00 to $10.00 and set an equal weight rating for the company in a report on Friday, April 19th. 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. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $19.63.

Rivian Automotive Trading Down 7.3 %

Rivian Automotive stock opened at $13.42 on Friday. The stock has a market cap of $13.36 billion, a PE ratio of -2.33 and a beta of 2.01. The stock has a 50-day moving average price of $10.68 and a 200 day moving average price of $13.44. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $28.06. 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 (NASDAQ:RIVN) last posted its quarterly earnings data 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 company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. Equities research analysts predict that Rivian Automotive will post -4.93 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In other 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 value of $803,576.25. Following the transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Bear Mountain Capital Inc. bought a new stake in shares of Rivian Automotive in the fourth quarter valued at about $26,000. Ancora Advisors LLC bought a new stake in shares of Rivian Automotive in the third quarter valued at about $27,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares in the last quarter. Principal Securities Inc. bought a new stake in shares of Rivian Automotive in the fourth quarter valued at about $33,000. Finally, Benjamin Edwards Inc. bought a new stake in shares of Rivian Automotive in the first quarter valued at about $33,000. 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.