Rivian Automotive (NASDAQ:RIVN) PT Raised to $14.00 at Royal Bank of Canada

Rivian Automotive (NASDAQ:RIVN) had its price target hoisted by Royal Bank of Canada from $11.00 to $14.00 in a research report report published on Monday morning, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the electric vehicle automaker’s stock.

A number of other research firms have also commented on RIVN. Truist Financial lifted their price objective on Rivian Automotive from $10.00 to $13.00 and gave the stock a hold rating in a research note on Wednesday, June 26th. JPMorgan Chase & Co. lifted their price objective on Rivian Automotive from $10.00 to $14.00 and gave the stock an underweight rating in a research note on Wednesday, June 26th. Wells Fargo & Company dropped their price objective on Rivian Automotive from $14.00 to $10.00 and set an equal weight rating on the stock in a research note on Wednesday, May 8th. Mizuho decreased their target price on Rivian Automotive from $12.00 to $11.00 and set a neutral rating on the stock in a research report on Wednesday, May 8th. Finally, Jefferies Financial Group started coverage on Rivian Automotive in a research report on Thursday, March 7th. They set a buy rating and a $16.00 target price on the stock. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $19.04.

Rivian Automotive Trading Down 1.6 %

Rivian Automotive stock opened at $14.65 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 business’s 50-day simple moving average is $11.02 and its 200-day simple moving average is $13.33. The firm has a market capitalization of $14.58 billion, a PE ratio of -2.54 and a beta of 2.07. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. Equities research analysts forecast that Rivian Automotive will post -4.87 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’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 transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Morgan Stanley boosted its holdings in shares of Rivian Automotive by 14.0% in the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after acquiring an additional 1,193,650 shares in the last quarter. SteelPeak Wealth LLC acquired a new position in shares of Rivian Automotive in the 1st quarter worth approximately $265,000. Trust Point Inc. acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $246,000. Sapient Capital LLC bought a new position in Rivian Automotive in the 4th quarter worth approximately $330,000. Finally, Gradient Investments LLC raised its position in Rivian Automotive by 72.4% in the 4th quarter. Gradient Investments LLC now owns 2,463 shares of the electric vehicle automaker’s stock worth $58,000 after purchasing an additional 1,034 shares during the last quarter. 66.25% of the stock is 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.