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

Rivian Automotive (NASDAQ:RIVNFree Report) had its target price upped by Morgan Stanley from $12.00 to $13.00 in a research report report published on Tuesday,Benzinga reports. They currently have an underweight rating on the electric vehicle automaker’s stock.

A number of other analysts have also recently commented on the company. BNP Paribas Exane lifted their target price on Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price target on shares of Rivian Automotive in a research report on Wednesday, June 10th. Wall Street Zen upgraded Rivian Automotive from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. DA Davidson raised their target price on shares of Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Finally, TD Cowen reiterated a “buy” rating and issued a $20.00 price target on shares of Rivian Automotive in a research report on Wednesday, June 3rd. Twelve research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus price target of $18.86.

View Our Latest Analysis on RIVN

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $17.09 on Tuesday. The firm has a market capitalization of $21.21 billion, a P/E ratio of -5.85 and a beta of 1.60. Rivian Automotive has a 52 week low of $11.57 and a 52 week high of $22.69. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. The firm’s 50 day moving average is $15.98 and its two-hundred day moving average is $16.10.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last issued its quarterly earnings data on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share for the quarter, topping the consensus estimate of ($0.60) by $0.05. Rivian Automotive had a negative net margin of 63.62% and a negative return on equity of 75.65%. The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the previous year, the firm earned ($0.48) EPS. The company’s revenue was up 11.4% compared to the same quarter last year. Research analysts forecast that Rivian Automotive will post -3.06 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In related news, Director Karen Boone sold 20,000 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.00, for a total transaction of $400,000.00. Following the completion of the transaction, the director directly owned 110,000 shares of the company’s stock, valued at $2,200,000. This represents a 15.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 10,245 shares of the firm’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total value of $184,410.00. Following the completion of the sale, the chief financial officer directly owned 946,814 shares of the company’s stock, valued at $17,042,652. This represents a 1.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 78,630 shares of company stock valued at $1,309,504. 1.48% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

Several large investors have recently modified their holdings of RIVN. Newbridge Financial Services Group Inc. raised its stake in 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 purchasing an additional 1,000 shares during the last quarter. Core Wealth Advisors LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter worth about $27,000. SOA Wealth Advisors LLC. grew its holdings in shares of Rivian Automotive by 894.2% during the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after buying an additional 1,395 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Rivian Automotive during the third quarter worth about $31,000. Finally, Zions Bancorporation National Association UT acquired a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $33,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Key Rivian Automotive News

Here are the key news stories impacting Rivian Automotive this week:

About Rivian Automotive

(Get Free Report)

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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