Rivian Automotive (NASDAQ:RIVN – Free Report) had its target price boosted by Canaccord Genuity Group from $20.00 to $30.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a buy rating on the electric vehicle automaker’s stock.
Several other research firms have also recently commented on RIVN. Piper Sandler restated an overweight rating and issued a $21.00 target price on shares of Rivian Automotive in a research report on Wednesday, June 26th. Royal Bank of Canada upped their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a sector perform rating in a research note on Monday. Wedbush upped their price target on shares of Rivian Automotive from $15.00 to $20.00 and gave the stock an outperform rating in a research note on Wednesday, June 26th. DA Davidson upped their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a neutral rating in a research note on Friday. Finally, Mizuho reduced their price target on shares of Rivian Automotive from $12.00 to $11.00 and set a neutral rating for the company in a research note on Wednesday, May 8th. One 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $19.04.
Get Our Latest Analysis on Rivian Automotive
Rivian Automotive Price Performance
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last posted its 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 firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Analysts forecast that Rivian Automotive will post -4.93 EPS for the current year.
Insider Buying and Selling at Rivian Automotive
In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,234,023.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 2.30% of the company’s stock.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in RIVN. Bear Mountain Capital Inc. acquired a new position in Rivian Automotive in the 4th quarter valued at approximately $26,000. Ancora Advisors LLC acquired a new position in shares of Rivian Automotive during the 3rd quarter worth $27,000. EverSource Wealth Advisors LLC increased its stake in shares of 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 purchasing an additional 2,380 shares during the last quarter. Principal Securities Inc. acquired a new position in shares of Rivian Automotive during the 4th quarter worth $33,000. Finally, Benjamin Edwards Inc. acquired a new position in shares of Rivian Automotive during the 1st quarter worth $33,000. 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.
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