Mizuho Issues Positive Forecast for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN) had its price target boosted by Mizuho from $11.00 to $13.00 in a report published on Friday,Benzinga reports. They currently have a neutral rating on the electric vehicle automaker’s stock.

A number of other analysts have also commented on RIVN. Stifel Nicolaus reduced their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Wedbush restated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. Robert W. Baird reiterated a “neutral” rating and set a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Benchmark started coverage on Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 target price for the company. Finally, Sanford C. Bernstein initiated coverage on Rivian Automotive in a research report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price for the company. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $15.50.

Rivian Automotive Price Performance

NASDAQ RIVN opened at $12.97 on Friday. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $18.85. The firm has a market capitalization of $13.24 billion, a PE ratio of -2.32 and a beta of 2.04. The company’s 50 day simple moving average is $13.56 and its 200 day simple moving average is $12.53. 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 issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 121.38% and a negative return on equity of 72.78%. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. As a group, equities research analysts forecast that Rivian Automotive will post -4.7 EPS for the current fiscal year.

Insider Activity

In related news, CFO Claire Mcdonough sold 8,097 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were 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 owns 370,401 shares of the company’s stock, valued at $4,518,892.20. This represents a 2.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 83,334 shares of the 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 owns 863,361 shares of the company’s stock, valued at $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 366,788 shares of company stock worth $5,024,431. 2.51% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently modified their holdings of RIVN. Tandem Financial LLC acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at about $25,000. Bank of Jackson Hole Trust bought a new stake in Rivian Automotive in the fourth quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive in the third quarter valued at approximately $28,000. Orion Capital Management LLC acquired a new stake in Rivian Automotive during the 4th quarter valued at approximately $34,000. Finally, GHP Investment Advisors Inc. raised its holdings in Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 1,002 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.