The Goldman Sachs Group Boosts Rivian Automotive (NASDAQ:RIVN) Price Target to $14.00

Rivian Automotive (NASDAQ:RIVN) had its price objective raised by The Goldman Sachs Group from $11.00 to $14.00 in a research report released on Monday morning, Benzinga reports. The brokerage currently has a neutral rating on the electric vehicle automaker’s stock.

Several other analysts have also commented on RIVN. Jefferies Financial Group assumed 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. Truist Financial raised their target price on Rivian Automotive from $10.00 to $13.00 and gave the stock a hold rating in a report on Wednesday, June 26th. Barclays dropped their target price on Rivian Automotive from $12.00 to $10.00 and set an equal weight rating on the stock in a report on Friday, April 19th. Mizuho dropped their target price on Rivian Automotive from $12.00 to $11.00 and set a neutral rating on the stock in a report on Wednesday, May 8th. Finally, DA Davidson raised their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock a neutral rating in a report on Friday, June 28th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive has a consensus rating of Moderate Buy and an average price target of $19.04.

Rivian Automotive Stock Down 1.6 %

Shares of RIVN stock opened at $14.65 on Monday. The stock’s 50-day simple moving average is $11.02 and its 200-day simple moving average is $13.33. 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 firm has a market capitalization of $14.58 billion, a PE ratio of -2.54 and a beta of 2.07. 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 announced its quarterly earnings data 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). The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. Equities analysts expect that Rivian Automotive will post -4.87 earnings per share for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $11.49, for a total value of $820,719.21. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $10,452,349.59. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in RIVN. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $26,000. Ancora Advisors LLC acquired a new stake in shares of Rivian Automotive in the third quarter valued at approximately $27,000. EverSource Wealth Advisors LLC increased its holdings in shares of 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 purchasing an additional 2,380 shares during the last quarter. Principal Securities Inc. acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $33,000. Finally, Benjamin Edwards Inc. acquired a new stake in shares of Rivian Automotive in the first quarter valued at approximately $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.