Rivian Automotive (NASDAQ:RIVN) PT Raised to $14.00 at Barclays

Rivian Automotive (NASDAQ:RIVN) had its price objective increased by Barclays from $10.00 to $14.00 in a report issued on Monday morning, Benzinga reports. They currently have an equal weight rating on the electric vehicle automaker’s stock.

Other equities research analysts also recently issued research reports about the company. Guggenheim began coverage on Rivian Automotive in a report on Tuesday, June 25th. They set a buy rating and a $18.00 target price for the company. Wedbush lifted their target price on Rivian Automotive from $15.00 to $20.00 and gave the stock an outperform rating in a report on Wednesday, June 26th. Truist Financial lifted their target price on Rivian Automotive from $10.00 to $13.00 and gave the stock a hold rating in a report on Wednesday, June 26th. JPMorgan Chase & Co. lifted their target price on Rivian Automotive from $10.00 to $14.00 and gave the stock an underweight rating in a report on Wednesday, June 26th. Finally, Morgan Stanley reaffirmed an overweight rating and set a $13.00 target price on shares of Rivian Automotive in a report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $19.04.

Rivian Automotive Price Performance

Shares of RIVN stock opened at $14.65 on Monday. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $28.06. The firm has a market capitalization of $14.58 billion, a price-to-earnings ratio of -2.54 and a beta of 2.07. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. The stock’s 50-day simple moving average is $11.02 and its 200-day simple moving average is $13.33.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly 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). 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 for the quarter, compared to analysts’ expectations of $1.15 billion. As a group, equities analysts forecast that Rivian Automotive will post -4.87 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 company’s stock in a transaction that occurred 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 is available at this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Morgan Stanley raised its stake in shares of Rivian Automotive by 14.0% during the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after buying an additional 1,193,650 shares during the period. SteelPeak Wealth LLC acquired a new position in shares of Rivian Automotive during the 1st quarter worth approximately $265,000. Trust Point Inc. acquired a new position in shares of Rivian Automotive during the 4th quarter worth approximately $246,000. Sapient Capital LLC acquired a new position in shares of Rivian Automotive during the 4th quarter worth approximately $330,000. Finally, Gradient Investments LLC raised its stake in shares of Rivian Automotive by 72.4% during the 4th quarter. Gradient Investments LLC now owns 2,463 shares of the electric vehicle automaker’s stock worth $58,000 after buying 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.