Barclays Boosts Rivian Automotive (NASDAQ:RIVN) Price Target to $16.00

Rivian Automotive (NASDAQ:RIVN) had its target price hoisted by Barclays from $14.00 to $16.00 in a report issued on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the electric vehicle automaker’s stock. Barclays‘s price objective points to a potential downside of 8.57% from the company’s current price.

A number of other equities analysts also recently commented on the company. UBS Group increased their price objective on Rivian Automotive from $10.00 to $17.00 and gave the stock a “neutral” rating in a report on Friday, June 28th. Royal Bank of Canada raised their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a “sector perform” rating in a research note on Monday, July 1st. Morgan Stanley reaffirmed an “overweight” rating and set a $13.00 target price on shares of Rivian Automotive in a research report on Wednesday, June 26th. Cantor Fitzgerald reissued an “overweight” rating and issued a $19.00 price target on shares of Rivian Automotive in a research report on Monday. Finally, Wedbush upped their price objective on shares of Rivian Automotive from $15.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, June 26th. One 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.29.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN remained flat at $17.50 during trading on Tuesday. The company’s stock had a trading volume of 16,938,791 shares, compared to its average volume of 44,392,426. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $28.06. The firm has a 50 day moving average of $12.10 and a 200-day moving average of $12.84. The company has a market cap of $17.42 billion, a P/E ratio of -3.03 and a beta of 2.07. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71.

Rivian Automotive (NASDAQ:RIVN) last announced 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 company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.15 billion. On average, research analysts expect that Rivian Automotive will post -4.87 EPS for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $14.97, for a total value of $1,069,292.13. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $13,618,074.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 214,287 shares of company stock worth $2,693,588 in the last 90 days. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Bear Mountain Capital Inc. acquired a new stake in Rivian Automotive in the 4th quarter valued at about $26,000. Principal Securities Inc. acquired a new position in Rivian Automotive during the 4th quarter worth $33,000. Arlington Trust Co LLC acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at $35,000. Fairman Group LLC bought a new stake in shares of Rivian Automotive during the fourth quarter worth $36,000. Finally, Parkside Financial Bank & Trust lifted its stake in shares of Rivian Automotive by 86.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock valued at $40,000 after acquiring an additional 784 shares during the period. 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.