Rivian Automotive (NASDAQ:RIVN) PT Raised to $16.00 at Truist Financial

Rivian Automotive (NASDAQ:RIVN) had its price objective hoisted by Truist Financial from $13.00 to $16.00 in a report published on Friday morning, Benzinga reports. The firm currently has a hold rating on the electric vehicle automaker’s stock.

Other equities analysts have also issued reports about the company. Cantor Fitzgerald reaffirmed an overweight rating and issued a $19.00 price objective on shares of Rivian Automotive in a research note on Monday, July 22nd. DA Davidson lifted their price objective on Rivian Automotive from $12.00 to $13.00 and gave the company a neutral rating in a research note on Friday, June 28th. Royal Bank of Canada raised their target price on Rivian Automotive from $11.00 to $14.00 and gave the company a sector perform rating in a report on Monday, July 1st. Canaccord Genuity Group raised their target price on Rivian Automotive from $20.00 to $30.00 and gave the company a buy rating in a report on Monday, July 1st. Finally, UBS Group raised their target price on Rivian Automotive from $10.00 to $17.00 and gave the company a neutral rating in a report on Friday, June 28th. 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 stock. According to MarketBeat, Rivian Automotive has an average rating of Moderate Buy and a consensus price target of $19.92.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $14.61 on Friday. The firm has a market capitalization of $14.54 billion, a PE ratio of -2.53 and a beta of 2.09. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $25.74. The firm’s 50-day simple moving average is $13.82 and its 200 day simple moving average is $12.54.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. On average, equities research analysts predict that Rivian Automotive will post -4.68 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Tuesday, June 25th. The shares were 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 of the company’s stock, valued at $10,234,023.75. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Robert J. Scaringe sold 200,000 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $16,374,438. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The disclosure for this sale can be found here. Insiders have sold 485,716 shares of company stock valued at $7,509,309 over the last quarter. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its holdings in Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after acquiring an additional 25,550,489 shares during the period. Baillie Gifford & Co. lifted its holdings in Rivian Automotive by 714.3% during the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after purchasing an additional 22,194,018 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Rivian Automotive by 1,521.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after purchasing an additional 5,937,605 shares during the period. Norges Bank acquired a new position in shares of Rivian Automotive during the 4th quarter worth about $129,427,000. Finally, Vanguard Group Inc. lifted its stake in Rivian Automotive by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after buying an additional 4,467,881 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.