JPMorgan Chase & Co. Increases Rivian Automotive (NASDAQ:RIVN) Price Target to $14.00

Rivian Automotive (NASDAQ:RIVN) had its price objective lifted by JPMorgan Chase & Co. from $10.00 to $14.00 in a report published on Wednesday morning, Benzinga reports. The brokerage currently has an underweight rating on the electric vehicle automaker’s stock.

RIVN has been the topic of several other research reports. Piper Sandler restated an overweight rating and set a $21.00 price target on shares of Rivian Automotive in a report on Wednesday. Mizuho lowered their price objective on Rivian Automotive from $12.00 to $11.00 and set a neutral rating for the company in a research report on Wednesday, May 8th. Cantor Fitzgerald raised their target price on shares of Rivian Automotive from $15.00 to $19.00 and gave the company an overweight rating in a report on Wednesday. Needham & Company LLC reiterated a buy rating and set a $13.00 price target on shares of Rivian Automotive in a report on Wednesday, May 8th. Finally, Guggenheim initiated coverage on shares of Rivian Automotive in a report on Tuesday. They issued a buy rating and a $18.00 price objective on the stock. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Rivian Automotive presently has a consensus rating of Moderate Buy and a consensus price target of $19.17.

Rivian Automotive Trading Up 23.2 %

Shares of RIVN stock opened at $14.74 on Wednesday. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $28.06. The company has a 50 day moving average price of $10.47 and a 200 day moving average price of $13.55. The stock has a market capitalization of $14.67 billion, a P/E ratio of -2.55 and a beta of 2.01. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results 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 return on equity of 53.55% and a negative net margin of 111.09%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.15 billion. Equities research analysts predict that Rivian Automotive will post -4.94 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $11.49, for a total value of $820,719.21. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,452,349.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently added to or reduced their stakes in RIVN. Ancora Advisors LLC purchased a new position in shares of Rivian Automotive in the 3rd quarter valued at approximately $27,000. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive during the fourth quarter worth $26,000. Principal Securities Inc. acquired a new stake in shares of Rivian Automotive during the fourth quarter worth $33,000. Arlington Trust Co LLC purchased a new position in Rivian Automotive in the 4th quarter valued at $35,000. Finally, Fairman Group LLC acquired a new position in Rivian Automotive in the 4th quarter valued at $36,000. Institutional investors and hedge funds 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.