Rivian Automotive (NASDAQ:RIVN) PT Raised to $13.00 at Truist Financial

Rivian Automotive (NASDAQ:RIVN) had its price target hoisted by equities research analysts at Truist Financial from $10.00 to $13.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the electric vehicle automaker’s stock. Truist Financial’s target price would indicate a potential downside of 10.16% from the company’s previous close.

Several other research analysts have also commented on the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Barclays reduced their target price on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Friday, April 19th. 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. Morgan Stanley lowered their price target on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a report on Thursday, April 4th. Finally, UBS Group raised Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price objective on the stock in a research report on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.17.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $14.47 on Wednesday. The stock has a market cap of $14.40 billion, a PE ratio of -2.51 and a beta of 2.01. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $28.06. 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’s fifty day moving average is $10.59 and its 200 day moving average is $13.56.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. Research analysts anticipate that Rivian Automotive will post -4.94 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 firm’s 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 owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. LPL Financial LLC boosted its holdings in Rivian Automotive by 48.5% in the 3rd quarter. LPL Financial LLC now owns 370,107 shares of the electric vehicle automaker’s stock worth $8,986,000 after buying an additional 120,883 shares during the period. Mariner LLC increased its position in shares of Rivian Automotive by 18.3% in the third quarter. Mariner LLC now owns 81,957 shares of the electric vehicle automaker’s stock valued at $1,990,000 after acquiring an additional 12,683 shares during the period. Stifel Financial Corp raised its holdings in Rivian Automotive by 7.3% in the 3rd quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock worth $6,997,000 after purchasing an additional 19,699 shares in the last quarter. Northern Trust Corp boosted its position in Rivian Automotive by 14.8% during the 3rd quarter. Northern Trust Corp now owns 4,235,291 shares of the electric vehicle automaker’s stock valued at $102,833,000 after acquiring an additional 544,588 shares in the last quarter. Finally, Mutual Advisors LLC bought a new position in shares of Rivian Automotive during the third quarter valued at approximately $306,000. Institutional investors own 66.25% of the company’s stock.

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.