Rivian Automotive (NASDAQ:RIVN) PT Raised to $14.00

Rivian Automotive (NASDAQ:RIVN) had its price target hoisted by analysts at The Goldman Sachs Group from $11.00 to $14.00 in a report released on Monday, Benzinga reports. The firm presently has a “neutral” rating on the electric vehicle automaker’s stock. The Goldman Sachs Group’s target price would indicate a potential downside of 5.98% from the company’s previous close.

A number of other equities research analysts have also recently commented on RIVN. JPMorgan Chase & Co. lifted their target price on Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a research note on Wednesday, June 26th. Barclays reduced their target price on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Friday, April 19th. Truist Financial lifted their target price on Rivian Automotive from $10.00 to $13.00 and gave the company a “hold” rating in a report on Wednesday, June 26th. Wells Fargo & Company reduced their target price on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, May 8th. Finally, Jefferies Financial Group assumed coverage on Rivian Automotive in a report on Thursday, March 7th. They set a “buy” rating and a $16.00 price objective for the company. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.04.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $14.89 on Monday. The company has a fifty day simple moving average of $10.90 and a 200 day simple moving average of $13.32. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $28.06. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. The company has a market cap of $14.82 billion, a P/E ratio of -2.58 and a beta of 2.07.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing the consensus estimate of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. Sell-side analysts predict that Rivian Automotive will post -4.93 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Tuesday, June 25th. The stock was 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 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of RIVN. Bear Mountain Capital Inc. purchased a new stake in shares of Rivian Automotive during the fourth quarter worth about $26,000. Ancora Advisors LLC purchased a new stake in shares of Rivian Automotive during the third quarter worth about $27,000. EverSource Wealth Advisors LLC grew its holdings in Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 2,380 shares in the last quarter. Principal Securities Inc. purchased a new position in Rivian Automotive during the 4th quarter valued at approximately $33,000. Finally, Benjamin Edwards Inc. purchased a new position in Rivian Automotive during the 1st quarter valued at approximately $33,000. Institutional investors own 66.25% of the company’s stock.

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.