Rivian Automotive (NASDAQ:RIVN) Given New $14.00 Price Target at Wells Fargo & Company

Rivian Automotive (NASDAQ:RIVN) had its price objective hoisted by Wells Fargo & Company from $11.00 to $14.00 in a report issued on Friday morning,Benzinga reports. They currently have an equal weight rating on the electric vehicle automaker’s stock.

RIVN has been the subject of several other research reports. Barclays raised their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 22nd. Mizuho raised their price objective on Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday. Truist Financial upped 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. Baird R W lowered shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, Piper Sandler reduced their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $15.50.

Rivian Automotive Trading Down 4.7 %

Shares of RIVN opened at $12.97 on Friday. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The firm has a 50-day moving average price of $13.56 and a 200 day moving average price of $12.53. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $18.85. The firm has a market capitalization of $13.24 billion, a P/E ratio of -2.32 and a beta of 2.04.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative net margin of 121.38% and a negative return on equity of 72.78%. Sell-side analysts forecast that Rivian Automotive will post -4.7 EPS for the current year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 366,788 shares of company stock valued at $5,024,431. 2.51% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the business. Gould Capital LLC increased its holdings in shares of Rivian Automotive by 87.6% in the 4th quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker’s stock valued at $93,000 after acquiring an additional 3,280 shares during the last quarter. Parr Mcknight Wealth Management Group LLC acquired a new position in Rivian Automotive in the fourth quarter valued at approximately $206,000. Neo Ivy Capital Management increased its stake in Rivian Automotive by 23.8% in the fourth quarter. Neo Ivy Capital Management now owns 157,704 shares of the electric vehicle automaker’s stock valued at $2,097,000 after purchasing an additional 30,300 shares during the last quarter. Orion Capital Management LLC acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $34,000. Finally, Elequin Capital LP purchased a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $49,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

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.