Rivian Automotive (NASDAQ:RIVN) Price Target Increased to $14.00 by Analysts at Royal Bank of Canada

Rivian Automotive (NASDAQ:RIVN) had its price target hoisted by Royal Bank of Canada from $11.00 to $14.00 in a research report released on Monday, Benzinga reports. They currently have a sector perform rating on the electric vehicle automaker’s stock.

A number of other research analysts have also weighed in on the stock. Guggenheim began coverage on shares of Rivian Automotive in a research note on Tuesday, June 25th. They issued a buy rating and a $18.00 target price on the stock. Needham & Company LLC raised their target price on shares of Rivian Automotive from $13.00 to $20.00 and gave the stock a buy rating in a research note on Friday. Mizuho decreased their target price on shares of Rivian Automotive from $12.00 to $11.00 and set a neutral rating on the stock in a research note on Wednesday, May 8th. UBS Group raised their target price on shares of Rivian Automotive from $10.00 to $17.00 and gave the stock a neutral rating in a research note on Friday. Finally, Piper Sandler reaffirmed an overweight rating and set a $21.00 price target on shares of Rivian Automotive in a research report on Wednesday, June 26th. 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.com, the company has a consensus rating of Moderate Buy and a consensus price target of $19.04.

Rivian Automotive Trading Up 3.7 %

RIVN stock opened at $13.92 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 12-month low of $8.26 and a 12-month high of $28.06. The stock has a market cap of $13.85 billion, a price-to-earnings ratio of -2.41 and a beta of 2.07. The business’s 50-day moving average is $10.78 and its 200 day moving average is $13.38.

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). Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. On average, sell-side analysts anticipate that Rivian Automotive will post -4.93 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’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 sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,452,349.59. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

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