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

Rivian Automotive (NASDAQ:RIVN) had its price target boosted by Wedbush from $15.00 to $20.00 in a research note published on Wednesday, MarketBeat.com reports. They currently have an outperform rating on the electric vehicle automaker’s stock.

Several other research analysts have also recently issued reports on RIVN. Jefferies Financial Group began coverage on shares of Rivian Automotive in a report on Thursday, March 7th. They set a buy rating and a $16.00 target price on the stock. Wells Fargo & Company reduced their price target on Rivian Automotive from $14.00 to $10.00 and set an equal weight rating for the company in a research report on Wednesday, May 8th. UBS Group raised shares of 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. Cantor Fitzgerald reissued an overweight rating and set a $15.00 target price on shares of Rivian Automotive in a research report on Monday, June 17th. Finally, Deutsche Bank Aktiengesellschaft restated a hold rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Rivian Automotive currently has an average rating of Moderate Buy and an average target price of $19.63.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $13.42 on Wednesday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. The company has a market capitalization of $13.36 billion, a PE ratio of -2.33 and a beta of 2.01. The company has a 50 day moving average price of $10.68 and a 200-day moving average price of $13.52. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share 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 firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. As a group, equities analysts forecast that Rivian Automotive will post -4.94 earnings per share for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $26,000. Ancora Advisors LLC acquired a new stake in Rivian Automotive during the third quarter valued at $27,000. EverSource Wealth Advisors LLC increased its holdings 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 valued at $29,000 after buying an additional 2,380 shares in the last quarter. Principal Securities Inc. acquired a new position in shares of Rivian Automotive in the fourth quarter worth about $33,000. Finally, Benjamin Edwards Inc. purchased a new stake in shares of Rivian Automotive during the 1st quarter worth about $33,000. 66.25% of the stock is owned by institutional investors and hedge funds.

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.