Rivian Automotive (NASDAQ:RIVN) PT Raised to $14.00 at Royal Bank of Canada

Rivian Automotive (NASDAQ:RIVN) had its price objective upped by equities research analysts at Royal Bank of Canada from $11.00 to $14.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has a “sector perform” rating on the electric vehicle automaker’s stock. Royal Bank of Canada’s target price would suggest a potential downside of 5.98% from the company’s current price.

Several other research analysts also recently commented on the stock. Wells Fargo & Company dropped their target price on shares of Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 8th. Piper Sandler restated an “overweight” rating and set a $21.00 price objective on shares of Rivian Automotive in a report on Wednesday, June 26th. Mizuho dropped their price objective on shares of Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. Barclays dropped their price objective on shares of Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Friday, April 19th. Finally, Needham & Company LLC boosted their price objective on shares of Rivian Automotive from $13.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, June 28th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Rivian Automotive currently has an average rating of “Moderate Buy” and a consensus price target of $19.04.

Rivian Automotive Stock Up 7.0 %

RIVN stock opened at $14.89 on Monday. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $28.06. The company has a fifty day simple moving average of $10.90 and a 200 day simple moving average of $13.32. The firm has a market cap of $14.82 billion, a PE ratio of -2.58 and a beta of 2.07.

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 the consensus estimate of ($1.38) by ($0.03). The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. Sell-side analysts anticipate that Rivian Automotive will post -4.93 EPS for the current fiscal year.

Insider Buying and Selling

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 completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently made changes to their positions in the stock. LPL Financial LLC boosted its holdings in Rivian Automotive by 48.5% during the third quarter. LPL Financial LLC now owns 370,107 shares of the electric vehicle automaker’s stock worth $8,986,000 after purchasing an additional 120,883 shares during the last quarter. Ancora Advisors LLC acquired a new position in Rivian Automotive during the third quarter worth $27,000. Advisors Asset Management Inc. lifted its stake in Rivian Automotive by 12.9% in the third quarter. Advisors Asset Management Inc. now owns 28,403 shares of the electric vehicle automaker’s stock valued at $690,000 after acquiring an additional 3,247 shares during the last quarter. EULAV Asset Management lifted its stake in Rivian Automotive by 15.9% in the third quarter. EULAV Asset Management now owns 510,000 shares of the electric vehicle automaker’s stock valued at $12,383,000 after acquiring an additional 70,000 shares during the last quarter. Finally, Lido Advisors LLC acquired a new stake in Rivian Automotive in the third quarter valued at $258,000. Institutional investors 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.