Rivian Automotive (NASDAQ:RIVN) Price Target Raised to $13.00 at Mizuho

Rivian Automotive (NASDAQ:RIVN) had its price target increased by Mizuho from $11.00 to $13.00 in a research report released on Friday,Benzinga reports. The brokerage currently has a neutral rating on the electric vehicle automaker’s stock.

A number of other brokerages also recently commented on RIVN. UBS Group lifted their price objective on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 7th. Robert W. Baird decreased their target price on shares of Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Sanford C. Bernstein began coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price on the stock. Wedbush decreased their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a report on Wednesday, May 7th. Finally, TD Cowen began coverage on shares of Rivian Automotive in a report on Friday, March 7th. They issued a “hold” rating and a $12.70 target price on the stock. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $14.24.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $15.81 on Friday. Rivian Automotive has a one year low of $9.50 and a one year high of $18.86. The stock has a market cap of $17.88 billion, a PE ratio of -3.35 and a beta of 1.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a 50 day moving average price of $12.39 and a 200 day moving average price of $12.50.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Equities research analysts expect that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of the stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $11.46, for a total value of $409,270.98. Following the sale, the chief executive officer now directly owns 853,011 shares of the company’s stock, valued at approximately $9,775,506.06. This represents a 4.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 9,937 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $15.00, for a total transaction of $149,055.00. Following the completion of the sale, the chief financial officer now directly owns 851,637 shares in the company, valued at approximately $12,774,555. This represents a 1.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 195,364 shares of company stock worth $2,303,960 in the last ninety days. 2.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in shares of Rivian Automotive by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock valued at $63,055,000 after purchasing an additional 133,781 shares during the last quarter. Mountain Hill Investment Partners Corp. purchased a new position in shares of Rivian Automotive in the 4th quarter valued at $1,363,000. Groupama Asset Managment purchased a new position in shares of Rivian Automotive in the 4th quarter valued at $26,600,000. SG Americas Securities LLC grew its position in shares of Rivian Automotive by 42.7% in the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock valued at $2,404,000 after buying an additional 54,053 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Rivian Automotive in the 4th quarter valued at $10,448,000. 66.25% of the stock is owned by hedge funds and other 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.