Rivian Automotive (NASDAQ:RIVN) PT Raised to $13.00 at DA Davidson

Rivian Automotive (NASDAQ:RIVN) had its price target increased by analysts at DA Davidson from $12.00 to $13.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the electric vehicle automaker’s stock. DA Davidson’s price target indicates a potential downside of 3.13% from the company’s previous close.

A number of other research analysts have also weighed in on RIVN. Morgan Stanley reissued an “overweight” rating and issued a $13.00 price objective on shares of Rivian Automotive in a report on Wednesday. Piper Sandler reissued an “overweight” rating and issued a $21.00 price objective on shares of Rivian Automotive in a report on Wednesday. Guggenheim initiated coverage on Rivian Automotive in a report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price objective on the stock. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $15.00 price objective on shares of Rivian Automotive in a report on Tuesday, April 2nd. Finally, Jefferies Financial Group started coverage on Rivian Automotive in a report on Thursday, March 7th. They set a “buy” rating and a $16.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.63.

Rivian Automotive Trading Down 7.3 %

Shares of NASDAQ RIVN opened at $13.42 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55. The stock has a market capitalization of $13.36 billion, a P/E ratio of -2.33 and a beta of 2.01. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $28.06. The business has a fifty day moving average price of $10.68 and a 200 day moving average price of $13.48.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. Equities research analysts expect that Rivian Automotive will post -4.94 EPS for the current fiscal year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Tuesday, June 25th. 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 directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RIVN. EverSource Wealth Advisors LLC lifted its holdings in Rivian Automotive by 975.4% during the 1st 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 last quarter. Westwood Holdings Group Inc. lifted its holdings in Rivian Automotive by 240.3% during the 1st quarter. Westwood Holdings Group Inc. now owns 273,801 shares of the electric vehicle automaker’s stock worth $2,998,000 after buying an additional 193,345 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in Rivian Automotive by 2.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 384,101 shares of the electric vehicle automaker’s stock worth $4,149,000 after buying an additional 9,508 shares during the last quarter. EULAV Asset Management lifted its holdings in Rivian Automotive by 33.3% during the 1st quarter. EULAV Asset Management now owns 680,000 shares of the electric vehicle automaker’s stock worth $7,446,000 after buying an additional 170,000 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its holdings in Rivian Automotive by 571.5% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 502,949 shares of the electric vehicle automaker’s stock worth $5,507,000 after buying an additional 428,050 shares during the last quarter. 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.