Rivian Automotive (NASDAQ:RIVN) PT Raised to $13.00 at DA Davidson

Rivian Automotive (NASDAQ:RIVN) had its price target lifted by DA Davidson from $12.00 to $13.00 in a research note issued to investors on Friday, Benzinga reports. They currently have a neutral rating on the electric vehicle automaker’s stock.

Several other research firms have also commented on RIVN. Deutsche Bank Aktiengesellschaft reaffirmed a hold rating and set a $15.00 target price on shares of Rivian Automotive in a report on Tuesday, April 2nd. Needham & Company LLC raised their price objective on Rivian Automotive from $13.00 to $20.00 and gave the company a buy rating in a research note on Friday. Guggenheim began coverage on Rivian Automotive in a report on Tuesday. They issued a buy rating and a $18.00 price objective on the stock. Wells Fargo & Company dropped their target price on Rivian Automotive from $14.00 to $10.00 and set an equal weight rating for the company in a report on Wednesday, May 8th. Finally, Jefferies Financial Group began coverage on Rivian Automotive in a research note on Thursday, March 7th. They issued a buy rating and a $16.00 price target on the stock. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $19.63.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $13.42 on Friday. The stock’s 50-day simple moving average is $10.68 and its two-hundred day simple moving average is $13.52. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $28.06. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71.

Rivian Automotive (NASDAQ:RIVN) last released 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). 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%. As a group, equities research analysts predict that Rivian Automotive will post -4.94 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the 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 transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,234,023.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC grew its holdings in Rivian Automotive by 975.4% during 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 period. Westwood Holdings Group Inc. raised its position in shares of Rivian Automotive by 240.3% during the 1st quarter. Westwood Holdings Group Inc. now owns 273,801 shares of the electric vehicle automaker’s stock valued at $2,998,000 after purchasing an additional 193,345 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in shares of Rivian Automotive by 2.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 384,101 shares of the electric vehicle automaker’s stock valued at $4,149,000 after buying an additional 9,508 shares in the last quarter. EULAV Asset Management boosted its stake in shares of Rivian Automotive by 33.3% in the first quarter. EULAV Asset Management now owns 680,000 shares of the electric vehicle automaker’s stock worth $7,446,000 after acquiring an additional 170,000 shares during the period. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in Rivian Automotive by 571.5% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 502,949 shares of the electric vehicle automaker’s stock worth $5,507,000 after purchasing an additional 428,050 shares during the period. 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.