Piper Sandler Reaffirms “Overweight” Rating for Rivian Automotive (NASDAQ:RIVN)

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “overweight” rating restated by investment analysts at Piper Sandler in a research note issued on Wednesday, Benzinga reports. They currently have a $21.00 target price on the electric vehicle automaker’s stock. Piper Sandler’s target price would indicate a potential upside of 35.14% from the company’s current price.

Other equities analysts have also issued reports about the company. Barclays lowered their target price on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Friday, April 19th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Jefferies Financial Group assumed coverage on Rivian Automotive in a research note on Thursday, March 7th. They set a “buy” rating and a $16.00 price objective for the company. Cantor Fitzgerald upped their price objective on Rivian Automotive from $15.00 to $19.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Morgan Stanley dropped their price target on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a research note on Thursday, April 4th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Moderate Buy” and a consensus target price of $19.04.

Rivian Automotive Trading Up 29.9 %

Rivian Automotive stock traded up $3.58 during trading hours on Wednesday, hitting $15.54. The stock had a trading volume of 113,664,918 shares, compared to its average volume of 40,967,586. The stock has a market cap of $15.47 billion, a price-to-earnings ratio of -2.07 and a beta of 2.01. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The business’s 50 day simple moving average is $10.35 and its 200-day simple moving average is $13.54. Rivian Automotive has a one year low of $8.26 and a one year high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. On average, equities analysts predict that Rivian Automotive will post -4.94 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $11.49, for a total transaction of $820,719.21. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,452,349.59. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently modified their holdings of the stock. Bear Mountain Capital Inc. bought a new stake in shares of Rivian Automotive during the fourth quarter worth approximately $26,000. Ancora Advisors LLC acquired a new position in Rivian Automotive during the third quarter worth $27,000. EverSource Wealth Advisors LLC boosted its holdings 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 purchasing an additional 2,380 shares during the last quarter. Principal Securities Inc. acquired a new stake in Rivian Automotive in the fourth quarter valued at $33,000. Finally, Benjamin Edwards Inc. acquired a new stake in Rivian Automotive in the first quarter valued at $33,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.