Wedbush Issues Positive Forecast for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVNFree Report) had its price target lifted by Wedbush from $16.00 to $25.00 in a research note released on Friday,Benzinga reports. They currently have an outperform rating on the electric vehicle automaker’s stock.

Several other equities analysts have also weighed in on the company. Morgan Stanley reissued an “underweight” rating and issued a $12.00 target price on shares of Rivian Automotive in a research note on Monday, December 8th. JPMorgan Chase & Co. lifted their price objective on shares of Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Monday, October 20th. Evercore ISI restated an “outperform” rating on shares of Rivian Automotive in a report on Monday. Zacks Research upgraded shares of Rivian Automotive from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Finally, UBS Group lifted their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, thirteen have given a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $15.73.

Check Out Our Latest Report on Rivian Automotive

Rivian Automotive Trading Up 10.7%

Shares of NASDAQ RIVN opened at $22.45 on Friday. Rivian Automotive has a fifty-two week low of $10.36 and a fifty-two week high of $22.64. The firm has a market capitalization of $27.52 billion, a P/E ratio of -7.22 and a beta of 1.79. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The company’s 50 day simple moving average is $15.59 and its 200 day simple moving average is $14.23.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last issued its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) EPS for the quarter, beating the consensus estimate of ($0.71) by $0.06. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The company had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the previous year, the company posted ($1.08) EPS. The business’s revenue for the quarter was up 78.3% compared to the same quarter last year. On average, analysts predict that Rivian Automotive will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In related news, Director Peter Krawiec sold 3,655 shares of Rivian Automotive stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $19.45, for a total value of $71,089.75. Following the sale, the director owned 29,122 shares of the company’s stock, valued at approximately $566,422.90. This trade represents a 11.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 8,039 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $18.00, for a total value of $144,702.00. Following the transaction, the chief financial officer directly owned 730,017 shares of the company’s stock, valued at approximately $13,140,306. This trade represents a 1.09% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 120,154 shares of company stock valued at $2,017,909 in the last 90 days. 2.16% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently made changes to their positions in the business. Brighton Jones LLC increased its stake in Rivian Automotive by 28.0% in the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after buying an additional 3,864 shares during the last quarter. HighTower Advisors LLC boosted its stake in shares of Rivian Automotive by 21.9% during the 1st quarter. HighTower Advisors LLC now owns 97,633 shares of the electric vehicle automaker’s stock worth $1,216,000 after buying an additional 17,551 shares during the last quarter. Versor Investments LP grew its holdings in shares of Rivian Automotive by 25.0% in the 1st quarter. Versor Investments LP now owns 28,000 shares of the electric vehicle automaker’s stock valued at $349,000 after acquiring an additional 5,600 shares in the last quarter. Northern Trust Corp increased its position in shares of Rivian Automotive by 11.2% in the first quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock valued at $100,195,000 after acquiring an additional 809,064 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Rivian Automotive in the first quarter valued at about $406,000. Institutional investors own 66.25% of the company’s stock.

Trending Headlines about Rivian Automotive

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Rivian Automotive Company Profile

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Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.

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Analyst Recommendations for Rivian Automotive (NASDAQ:RIVN)

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