The Goldman Sachs Group Increases Rivian Automotive (NASDAQ:RIVN) Price Target to $14.00

Rivian Automotive (NASDAQ:RIVN) had its target price increased by investment analysts at The Goldman Sachs Group from $11.00 to $14.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the electric vehicle automaker’s stock. The Goldman Sachs Group’s price objective suggests a potential downside of 5.98% from the stock’s current price.

RIVN has been the topic of a number of other research reports. Mizuho lowered their price objective on shares of Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $15.00 price target on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Barclays decreased their price target on shares of Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Friday, April 19th. Truist Financial raised their price objective on shares of Rivian Automotive from $10.00 to $13.00 and gave the stock a “hold” rating in a research note on Wednesday, June 26th. Finally, DA Davidson raised their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, June 28th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $19.04.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $14.89 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. The company’s 50-day simple moving average is $10.90 and its 200-day simple moving average is $13.32. Rivian Automotive has a one year low of $8.26 and a one year high of $28.06. The stock has a market capitalization of $14.82 billion, a price-to-earnings ratio of -2.58 and a beta of 2.07.

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 analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Equities analysts anticipate that Rivian Automotive will post -4.93 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

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

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently modified their holdings of RIVN. Bear Mountain Capital Inc. bought a new stake in shares of Rivian Automotive during the fourth quarter worth approximately $26,000. Ancora Advisors LLC bought a new stake in Rivian Automotive in the third quarter valued at approximately $27,000. EverSource Wealth Advisors LLC increased its stake in Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares in the last quarter. Principal Securities Inc. bought a new stake in Rivian Automotive in the fourth quarter valued at approximately $33,000. Finally, Benjamin Edwards Inc. bought a new stake in Rivian Automotive in the first quarter valued at approximately $33,000. 66.25% of the stock is owned by 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.