Wedbush Raises Rivian Automotive (NASDAQ:RIVN) Price Target to $20.00

Rivian Automotive (NASDAQ:RIVN) had its target price upped by Wedbush from $15.00 to $20.00 in a research report report published on Wednesday, Marketbeat Ratings reports. They currently have an outperform rating on the electric vehicle automaker’s stock.

A number of other equities analysts also recently weighed in on RIVN. Wells Fargo & Company cut their price target on shares of Rivian Automotive from $14.00 to $10.00 and set an equal weight rating on the stock in a research note on Wednesday, May 8th. Jefferies Financial Group assumed coverage on Rivian Automotive in a research report on Thursday, March 7th. They set a buy rating and a $16.00 price target for the company. Morgan Stanley cut their price objective on Rivian Automotive from $14.00 to $13.00 and set an overweight rating on the stock in a report on Thursday, April 4th. Piper Sandler upgraded Rivian Automotive from a neutral rating to an overweight rating and boosted their target price for the stock from $15.00 to $21.00 in a report on Friday, March 15th. Finally, Barclays cut their price target on shares of Rivian Automotive from $12.00 to $10.00 and set an equal weight rating on the stock in a report on Friday, April 19th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $19.17.

Rivian Automotive Price Performance

RIVN stock opened at $14.74 on Wednesday. The stock has a market capitalization of $14.67 billion, a price-to-earnings ratio of -2.55 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. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $28.06. The stock’s fifty day simple moving average is $10.47 and its 200-day simple moving average is $13.55.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 expect that Rivian Automotive will post -4.94 EPS for the current 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 sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,452,349.59. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. Bear Mountain Capital Inc. acquired a new position in Rivian Automotive in the fourth quarter worth $26,000. Ancora Advisors LLC bought a new position in shares of Rivian Automotive in the 3rd quarter worth about $27,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 2,380 shares during the period. Principal Securities Inc. bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $33,000. Finally, Benjamin Edwards Inc. acquired a new stake in Rivian Automotive during the first quarter worth about $33,000. 66.25% of the stock is 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.