Rivian Automotive (NASDAQ:RIVN) Price Target Raised to $18.00

Rivian Automotive (NASDAQ:RIVN) had its price target hoisted by Wells Fargo & Company from $10.00 to $18.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an equal weight rating on the electric vehicle automaker’s stock.

Several other analysts have also issued reports on the company. Truist Financial boosted their price target on Rivian Automotive from $10.00 to $13.00 and gave the company a hold rating in a report on Wednesday, June 26th. The Goldman Sachs Group increased their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a neutral rating in a report on Monday, July 1st. Piper Sandler restated an overweight rating and set a $21.00 target price on shares of Rivian Automotive in a research note on Wednesday, June 26th. Needham & Company LLC upped their price target on shares of Rivian Automotive from $13.00 to $20.00 and gave the stock a buy rating in a research report on Friday, June 28th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an underweight rating in a research report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $19.79.

Rivian Automotive Trading Down 0.9 %

NASDAQ RIVN opened at $16.75 on Thursday. The company has a 50-day moving average price of $12.66 and a 200-day moving average price of $12.71. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $28.06. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results 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 business had revenue of $1.20 billion for 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%. As a group, analysts predict that Rivian Automotive will post -4.95 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’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 value of $803,576.25. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the transaction, 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 available at this hyperlink. Also, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The disclosure for this sale can be found here. Insiders have sold 414,287 shares of company stock valued at $6,293,588 over the last ninety days. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Assenagon Asset Management S.A. boosted its holdings in Rivian Automotive by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after acquiring an additional 604 shares during the period. Federated Hermes Inc. boosted its stake in shares of Rivian Automotive by 8.2% during the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock valued at $201,000 after purchasing an additional 651 shares during the period. First Horizon Advisors Inc. increased its stake in Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after buying an additional 670 shares during the period. Laidlaw Wealth Management LLC lifted its holdings in Rivian Automotive by 7.5% during the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock valued at $241,000 after buying an additional 718 shares in the last quarter. Finally, Jamison Private Wealth Management Inc. boosted its position in Rivian Automotive by 10.8% in the 4th quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock valued at $175,000 after buying an additional 727 shares during the period. Institutional investors own 66.25% of the company’s stock.

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.