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

Rivian Automotive (NASDAQ:RIVN) had its target price hoisted by Stifel Nicolaus from $16.00 to $18.00 in a report released on Monday morning,Benzinga reports. They currently have a buy rating on the electric vehicle automaker’s stock.

A number of other research analysts have also recently commented on the stock. Robert W. Baird dropped their target price on shares of Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Bank of America downgraded shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Truist Financial increased their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. JPMorgan Chase & Co. decreased their target price on shares of Rivian Automotive from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Friday, April 25th. Finally, Piper Sandler downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $19.00 to $13.00 in a research report on Thursday, March 20th. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $14.16.

Rivian Automotive Trading Down 0.3%

RIVN stock opened at $14.82 on Monday. 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 company’s 50-day simple moving average is $12.20 and its 200 day simple moving average is $12.43. Rivian Automotive has a 52 week low of $9.50 and a 52 week high of $18.86. The company has a market capitalization of $16.76 billion, a PE ratio of -3.14 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. As a group, sell-side analysts anticipate that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This trade represents a 2.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now owns 853,011 shares in the company, valued at approximately $9,596,373.75. This trade represents a 7.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock worth $2,154,905 in the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently bought and sold shares of RIVN. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive during the 3rd quarter valued at $28,000. Nordea Investment Management AB raised its stake in shares of Rivian Automotive by 12.1% during the 4th quarter. Nordea Investment Management AB now owns 63,074 shares of the electric vehicle automaker’s stock worth $901,000 after purchasing an additional 6,817 shares during the period. Green Alpha Advisors LLC raised its stake in shares of Rivian Automotive by 15.4% during the 4th quarter. Green Alpha Advisors LLC now owns 61,893 shares of the electric vehicle automaker’s stock worth $823,000 after purchasing an additional 8,262 shares during the period. Claro Advisors LLC bought a new stake in shares of Rivian Automotive during the 4th quarter worth $147,000. Finally, Oak Thistle LLC bought a new stake in shares of Rivian Automotive during the 4th quarter worth $316,000. 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.