Rivian Automotive (NASDAQ:RIVN) PT Raised to $20.00

Rivian Automotive (NASDAQ:RIVN) had its price objective hoisted by Needham & Company LLC from $13.00 to $20.00 in a research report released on Friday morning, MarketBeat reports. The firm currently has a buy rating on the electric vehicle automaker’s stock.

Several other research firms also recently weighed in on RIVN. Mizuho reduced their target price on Rivian Automotive from $12.00 to $11.00 and set a neutral rating for the company in a report on Wednesday, May 8th. Jefferies Financial Group began coverage on shares of Rivian Automotive in a research report on Thursday, March 7th. They set a buy rating and a $16.00 target price on the stock. Wedbush upped their price target on shares of Rivian Automotive from $15.00 to $20.00 and gave the company an outperform rating in a research report on Wednesday, June 26th. Morgan Stanley reissued an overweight rating and set a $13.00 price objective on shares of Rivian Automotive in a research report on Wednesday, June 26th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a hold rating and issued a $15.00 target price on shares of Rivian Automotive in a report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of Moderate Buy and a consensus target price of $19.04.

Rivian Automotive Stock Performance

Shares of RIVN opened at $13.92 on Friday. The company has a market capitalization of $13.85 billion, a price-to-earnings ratio of -2.41 and a beta of 2.07. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $28.06. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The stock has a 50 day moving average price of $10.78 and a 200 day moving average price of $13.38.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $1.15 billion. Research analysts predict that Rivian Automotive will post -4.93 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,234,023.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently modified their holdings of the stock. Ancora Advisors LLC acquired a new stake in Rivian Automotive during the 3rd quarter worth about $27,000. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $26,000. Principal Securities Inc. purchased a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $33,000. Arlington Trust Co LLC acquired a new position in Rivian Automotive in the 4th quarter worth approximately $35,000. Finally, Fairman Group LLC purchased a new position in Rivian Automotive during the 4th quarter worth approximately $36,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.