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

Rivian Automotive (NASDAQ:RIVN) had its price objective upped by analysts at Piper Sandler from $14.00 to $20.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the electric vehicle automaker’s stock. Piper Sandler’s target price suggests a potential downside of 2.93% from the stock’s previous close.

Several other research firms have also recently commented on RIVN. Needham & Company LLC upped their target price on shares of Rivian Automotive from $14.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. The Goldman Sachs Group increased their price objective on Rivian Automotive from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Baird R W raised Rivian Automotive from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 18th. Tigress Financial raised their price target on Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a report on Friday, November 14th. Finally, Wedbush lifted their price objective on shares of Rivian Automotive from $16.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, December 19th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, thirteen have given a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $15.95.

Rivian Automotive Trading Up 2.7%

NASDAQ:RIVN opened at $20.60 on Thursday. The firm has a market capitalization of $25.26 billion, a P/E ratio of -6.62 and a beta of 1.77. The business has a 50 day simple moving average of $17.45 and a 200 day simple moving average of $14.81. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. Rivian Automotive has a 12-month low of $10.36 and a 12-month high of $22.69.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.71) by $0.06. The company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The company’s revenue for the quarter was up 78.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.08) earnings per share. Equities research analysts predict that Rivian Automotive will post -3.2 EPS for the current year.

Insider Activity

In related news, CFO Claire Mcdonough sold 21,210 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total transaction of $363,539.40. Following the completion of the sale, the chief financial officer directly owned 738,056 shares in the company, valued at approximately $12,650,279.84. This trade represents a 2.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 52,350 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total transaction of $869,010.00. Following the completion of the transaction, the chief executive officer owned 1,246,405 shares in the company, valued at approximately $20,690,323. This trade represents a 4.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 137,604 shares of company stock worth $2,391,863. Corporate insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently modified their holdings of RIVN. Brighton Jones LLC boosted its holdings in shares of Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after buying an additional 3,864 shares during the period. Baird Financial Group Inc. raised its stake in Rivian Automotive by 93.1% during the 1st quarter. Baird Financial Group Inc. now owns 24,044 shares of the electric vehicle automaker’s stock valued at $299,000 after purchasing an additional 11,595 shares during the period. EP Wealth Advisors LLC lifted its holdings in shares of Rivian Automotive by 39.4% in the first quarter. EP Wealth Advisors LLC now owns 14,899 shares of the electric vehicle automaker’s stock valued at $185,000 after purchasing an additional 4,211 shares in the last quarter. Advisors Asset Management Inc. boosted its position in shares of Rivian Automotive by 13.8% in the first quarter. Advisors Asset Management Inc. now owns 48,591 shares of the electric vehicle automaker’s stock worth $605,000 after buying an additional 5,892 shares during the period. Finally, AQR Capital Management LLC raised its position in Rivian Automotive by 1.5% during the first quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock valued at $4,733,000 after buying an additional 5,590 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 is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.