JPMorgan Chase & Co. Issues Positive Forecast for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN) had its price target boosted by JPMorgan Chase & Co. from $9.00 to $10.00 in a research note released on Monday,Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the electric vehicle automaker’s stock.

RIVN has been the subject of several other reports. UBS Group lifted their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, October 6th. Cfra Research upgraded Rivian Automotive to a “moderate sell” rating in a research note on Thursday, October 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Rivian Automotive in a research note on Wednesday, October 8th. Zacks Research cut Rivian Automotive from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Finally, Stifel Nicolaus decreased their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Friday, August 8th. Five equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of “Reduce” and a consensus target price of $13.76.

Rivian Automotive Trading Up 0.4%

Rivian Automotive stock opened at $13.08 on Monday. The stock has a 50-day moving average price of $13.63 and a 200 day moving average price of $13.47. Rivian Automotive has a 52 week low of $9.50 and a 52 week high of $17.15. The stock has a market cap of $15.87 billion, a PE ratio of -4.05 and a beta of 1.82. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). The firm had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. Rivian Automotive’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the company posted ($1.46) earnings per share. Equities research analysts predict that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the sale, the chief executive officer owned 1,316,205 shares in the company, valued at approximately $18,426,870. This represents a 1.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the transaction, the chief financial officer directly owned 789,445 shares in the company, valued at $9,694,384.60. The trade was a 0.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,147 shares of company stock valued at $577,593 in the last three months. Insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. Assetmark Inc. increased its stake in Rivian Automotive by 315.6% during the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 1,357 shares during the last quarter. Banque Transatlantique SA lifted its position in shares of Rivian Automotive by 13,194.1% in the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 2,243 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its holdings in shares of Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 1,000 shares during the period. Fairman Group LLC bought a new stake in shares of Rivian Automotive during the 2nd quarter valued at about $31,000. Finally, WPG Advisers LLC bought a new stake in shares of Rivian Automotive during the 1st quarter valued at about $34,000. 66.25% of the stock is owned by institutional investors and hedge funds.

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.