Rivian Automotive (NASDAQ:RIVN) Price Target Raised to $14.00 at Barclays

Rivian Automotive (NASDAQ:RIVN) had its price target raised by Barclays from $10.00 to $14.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an equal weight rating on the electric vehicle automaker’s stock.

RIVN has been the subject of a number of other research reports. Royal Bank of Canada increased their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock a sector perform rating in a report on Monday. Jefferies Financial Group started coverage on Rivian Automotive in a report on Thursday, March 7th. They issued a buy rating and a $16.00 price objective for the company. Cantor Fitzgerald increased their price objective on Rivian Automotive from $15.00 to $19.00 and gave the stock an overweight rating in a report on Wednesday, June 26th. Mizuho decreased their price objective on Rivian Automotive from $12.00 to $11.00 and set a neutral rating for the company in a report on Wednesday, May 8th. Finally, Needham & Company LLC increased their price objective on Rivian Automotive from $13.00 to $20.00 and gave the stock a buy rating in a report on Friday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Rivian Automotive has an average rating of Moderate Buy and an average price target of $19.04.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock opened at $13.92 on Monday. 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 company has a market cap of $13.85 billion, a PE ratio of -2.41 and a beta of 2.07. The business has a 50 day moving average of $10.78 and a 200 day moving average of $13.38. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. As a group, equities research analysts forecast that Rivian Automotive will post -4.93 earnings per share for the current year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Bear Mountain Capital Inc. purchased a new position in Rivian Automotive in the fourth quarter worth about $26,000. Ancora Advisors LLC purchased a new position in Rivian Automotive in the third quarter worth about $27,000. EverSource Wealth Advisors LLC boosted its position in Rivian Automotive by 975.4% in 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. purchased a new position in Rivian Automotive in the fourth quarter worth about $33,000. Finally, Benjamin Edwards Inc. purchased a new position in Rivian Automotive in the first quarter worth about $33,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.