Rivian Automotive (NASDAQ:RIVN) PT Raised to $14.00 at Royal Bank of Canada

Rivian Automotive (NASDAQ:RIVN) had its price objective upped by equities researchers at Royal Bank of Canada from $11.00 to $14.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “sector perform” rating on the electric vehicle automaker’s stock. Royal Bank of Canada’s target price suggests a potential upside of 1.60% from the company’s previous close.

Several other research firms also recently commented on RIVN. DA Davidson lifted their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday. Needham & Company LLC raised their target price on shares of Rivian Automotive from $13.00 to $20.00 and gave the stock a “buy” rating in a report on Friday. Wells Fargo & Company reduced their target price on shares of Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, May 8th. Guggenheim initiated coverage on shares of Rivian Automotive in a report on Tuesday, June 25th. They set a “buy” rating and a $18.00 target price for the company. Finally, Barclays cut their price objective on shares of Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Friday, April 19th. One investment 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.04.

Rivian Automotive Stock Up 2.7 %

RIVN stock traded up $0.36 during trading on Monday, hitting $13.78. 7,255,005 shares of the company’s stock traded hands, compared to its average volume of 42,894,918. The firm has a market capitalization of $13.72 billion, a P/E ratio of -2.38 and a beta of 2.07. The business has a fifty day simple moving average of $10.68 and a two-hundred day simple moving average of $13.44. 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 1 year low of $8.26 and a 1 year high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last announced its 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 during the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. Sell-side analysts anticipate that Rivian Automotive will post -4.93 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $11.49, for a total value of $820,719.21. Following the transaction, the chief executive officer now directly 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 this hyperlink. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its holdings in shares of Rivian Automotive by 35.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after acquiring an additional 25,550,489 shares during the last quarter. Vanguard Group Inc. increased its stake in Rivian Automotive by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock worth $761,459,000 after buying an additional 1,226,357 shares during the period. Baillie Gifford & Co. increased its stake in Rivian Automotive by 714.3% during the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after buying an additional 22,194,018 shares during the period. Morgan Stanley increased its stake in Rivian Automotive by 14.0% during the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after buying an additional 1,193,650 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Rivian Automotive by 1,521.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after buying an additional 5,937,605 shares during the period. 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.