Rivian Automotive, Inc. (NASDAQ:RIVN) Receives $19.21 Average Price Target from Brokerages
Shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) have received an average recommendation of “Moderate Buy” from the twenty-five research firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, ten have assigned a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $19.21.
Several brokerages have commented on RIVN. Piper Sandler restated an “overweight” rating and set a $21.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 26th. Wedbush boosted their target price on shares of Rivian Automotive from $15.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, June 26th. JPMorgan Chase & Co. boosted their target price on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a research note on Wednesday, June 26th. Needham & Company LLC boosted their target price on shares of Rivian Automotive from $13.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Finally, Royal Bank of Canada boosted their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “sector perform” rating in a research note on Monday, July 1st.
View Our Latest Analysis on RIVN
Insider Transactions at Rivian Automotive
In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $13,618,074.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 214,287 shares of company stock valued at $2,693,588 over the last 90 days. 2.30% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Rivian Automotive
Hedge funds and other institutional investors have recently bought and sold shares of the company. Bear Mountain Capital Inc. acquired a new stake in Rivian Automotive during the fourth quarter worth about $26,000. Quent Capital LLC boosted its stake in Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 831 shares during the period. EverSource Wealth Advisors LLC boosted its stake in Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 2,380 shares during the period. Principal Securities Inc. purchased a new position in Rivian Automotive during the fourth quarter worth about $33,000. Finally, Benjamin Edwards Inc. purchased a new position in shares of Rivian Automotive in the first quarter valued at approximately $33,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.
Rivian Automotive Stock Down 3.4 %
NASDAQ:RIVN opened at $17.50 on Friday. The company has a market cap of $17.42 billion, a PE ratio of -3.03 and a beta of 2.07. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $28.06. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. The company’s 50 day moving average is $12.10 and its two-hundred day moving average is $12.84.
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last announced its quarterly earnings data 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 net margin of 111.09% and a negative return on equity of 53.55%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.15 billion. Analysts anticipate that Rivian Automotive will post -4.87 EPS for the current year.
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.
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