Rivian Automotive (NASDAQ:RIVN) Price Target Raised to $13.00 at Truist Financial

Rivian Automotive (NASDAQ:RIVN) had its price objective raised by Truist Financial from $10.00 to $13.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a hold rating on the electric vehicle automaker’s stock.

A number of other research analysts also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft restated a hold rating and set a $15.00 price objective on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Wells Fargo & Company cut their price objective 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. Needham & Company LLC reissued a buy rating and issued a $13.00 target price on shares of Rivian Automotive in a report on Wednesday, May 8th. Piper Sandler upgraded Rivian Automotive from a neutral rating to an overweight rating and boosted their price target for the company from $15.00 to $21.00 in a research note on Friday, March 15th. Finally, Mizuho lowered their price objective 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. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $19.63.

Rivian Automotive Stock Performance

Shares of RIVN opened at $13.42 on Wednesday. The company has a market cap of $13.36 billion, a price-to-earnings ratio of -2.33 and a beta of 2.01. The business’s fifty day simple moving average is $10.68 and its two-hundred day simple moving average is $13.48. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $28.06. 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 (NASDAQ:RIVN) last released its quarterly earnings data 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). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Research analysts anticipate that Rivian Automotive will post -4.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The stock was 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 owns 909,691 shares in the company, valued at approximately $10,234,023.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Bear Mountain Capital Inc. bought a new position in Rivian Automotive during the fourth quarter valued at $26,000. Ancora Advisors LLC purchased a new stake in shares of Rivian Automotive during the 3rd quarter valued at about $27,000. EverSource Wealth Advisors LLC grew its position 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 worth $29,000 after acquiring an additional 2,380 shares in the last quarter. Principal Securities Inc. bought a new stake in Rivian Automotive during the fourth quarter worth approximately $33,000. Finally, Benjamin Edwards Inc. purchased a new stake in Rivian Automotive during the first quarter valued at approximately $33,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.