Rivian Automotive (NASDAQ:RIVN) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Rivian Automotive (NASDAQ:RIVN) had its price objective raised by Wells Fargo & Company from $11.00 to $14.00 in a research note published on Friday morning,Benzinga reports. The brokerage currently has an equal weight rating on the electric vehicle automaker’s stock.

RIVN has been the topic of several other reports. Stifel Nicolaus lowered their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. Wedbush reaffirmed an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a report on Friday, November 8th. Truist Financial upped their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Finally, Benchmark started coverage on Rivian Automotive in a research note on Monday, December 9th. They issued a “buy” rating and a $18.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $15.09.

Rivian Automotive Trading Down 4.7 %

NASDAQ:RIVN opened at $12.97 on Friday. The stock has a market cap of $13.24 billion, a price-to-earnings ratio of -2.75 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $18.85. The business has a fifty day moving average of $13.56 and a 200-day moving average of $12.50.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Equities analysts predict that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 18,501 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the sale, the chief financial officer now directly owns 351,900 shares of the company’s stock, valued at approximately $5,278,500. This represents a 4.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,784,877.65. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 283,454 shares of company stock valued at $4,086,923. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently bought and sold shares of the stock. Tandem Financial LLC bought a new position in shares of Rivian Automotive during the 4th quarter worth about $25,000. Bank of Jackson Hole Trust acquired a new stake in Rivian Automotive during the fourth quarter worth about $27,000. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive during the third quarter valued at about $28,000. GHP Investment Advisors Inc. raised its holdings in Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 1,002 shares in the last quarter. Finally, American Capital Advisory LLC raised its holdings in Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after acquiring an additional 2,111 shares in the last quarter. 66.25% of the stock is owned by 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.