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

Rivian Automotive (NASDAQ:RIVN) had its price objective upped by stock analysts at Wells Fargo & Company from $11.00 to $14.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the electric vehicle automaker’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 9.11% from the stock’s current price.

RIVN has been the topic of a number of other research reports. Sanford C. Bernstein began coverage on Rivian Automotive in a research report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price on the stock. Royal Bank of Canada dropped their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Truist Financial boosted their price target on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Cantor Fitzgerald lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $13.00 to $15.00 in a research report on Friday. Finally, The Goldman Sachs Group boosted their price target on Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $15.50.

Rivian Automotive Trading Down 5.7 %

NASDAQ RIVN opened at $12.83 on Friday. The stock’s 50-day moving average is $13.59 and its 200-day moving average is $12.54. Rivian Automotive has a one year low of $8.26 and a one year high of $18.85. The firm has a market cap of $13.10 billion, a P/E ratio of -2.24 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

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

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,097 shares of Rivian Automotive stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the transaction, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at $4,518,892.20. The trade was a 2.14 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction 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 directly owns 863,361 shares of the company’s stock, valued at $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 366,788 shares of company stock worth $5,024,431 in the last ninety days. 2.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Baillie Gifford & Co. raised its holdings in Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after acquiring an additional 17,341,786 shares in the last quarter. Capital International Investors acquired a new position in Rivian Automotive in the 4th quarter valued at $144,030,000. Norges Bank acquired a new position in Rivian Automotive in the 4th quarter valued at $123,308,000. Northern Trust Corp raised its holdings in Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after acquiring an additional 2,941,928 shares in the last quarter. Finally, Twinbeech Capital LP acquired a new position in shares of Rivian Automotive during the 4th quarter worth $29,944,000. 66.25% of the stock is owned by institutional investors and hedge funds.

About Rivian Automotive

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.