Rivian Automotive (NASDAQ:RIVN) Price Target Raised to $13.00

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

A number of other equities analysts have also weighed in on RIVN. Cantor Fitzgerald restated a “neutral” rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Wednesday, May 7th. Barclays upped their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 22nd. TD Cowen started coverage on Rivian Automotive in a research note on Friday, March 7th. They issued a “hold” rating and a $12.70 target price on the stock. Robert W. Baird decreased their target price on Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Finally, Stifel Nicolaus increased their price objective on Rivian Automotive from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average target price of $14.24.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN opened at $15.81 on Friday. The firm has a market capitalization of $17.88 billion, a P/E ratio of -3.35 and a beta of 1.86. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock’s 50-day simple moving average is $12.39 and its two-hundred day simple moving average is $12.53. Rivian Automotive has a twelve month low of $9.50 and a twelve month high of $18.86.

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

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, April 7th. The stock was 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 owns 853,011 shares in the company, valued at approximately $9,596,373.75. This trade represents a 7.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This trade represents a 2.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold 195,364 shares of company stock worth $2,303,960 in the last ninety days. 2.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently bought and sold shares of RIVN. Oak Thistle LLC purchased a new stake in Rivian Automotive in the 4th quarter worth approximately $316,000. Assenagon Asset Management S.A. lifted its stake in shares of Rivian Automotive by 21.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 59,385 shares of the electric vehicle automaker’s stock valued at $790,000 after purchasing an additional 10,408 shares during the period. HCR Wealth Advisors purchased a new position in shares of Rivian Automotive in the 4th quarter valued at approximately $133,000. First Pacific Financial lifted its stake in shares of Rivian Automotive by 4.1% in the 4th quarter. First Pacific Financial now owns 37,189 shares of the electric vehicle automaker’s stock valued at $495,000 after purchasing an additional 1,449 shares during the period. Finally, HB Wealth Management LLC lifted its stake in shares of Rivian Automotive by 174.9% in the 4th quarter. HB Wealth Management LLC now owns 63,274 shares of the electric vehicle automaker’s stock valued at $842,000 after purchasing an additional 40,256 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.