Mizuho Raises Rivian Automotive (NASDAQ:RIVN) Price Target to $15.00

Rivian Automotive (NASDAQ:RIVN) had its price target lifted by Mizuho from $11.00 to $15.00 in a research report released on Friday, Benzinga reports. The brokerage currently has a neutral rating on the electric vehicle automaker’s stock.

Other equities research analysts have also issued reports about the company. Guggenheim began coverage on Rivian Automotive in a research report on Tuesday, June 25th. They set a buy rating and a $18.00 target price for the company. Piper Sandler reaffirmed an overweight rating and issued a $21.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 26th. JPMorgan Chase & Co. raised their target price on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an underweight rating in a research report on Wednesday, June 26th. Cantor Fitzgerald boosted their price target on shares of Rivian Automotive from $15.00 to $19.00 and gave the company an overweight rating in a report on Wednesday, June 26th. Finally, Canaccord Genuity Group increased their price objective on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a buy rating in a research note on Monday, July 1st. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $19.21.

Rivian Automotive Stock Down 3.4 %

Shares of RIVN opened at $17.50 on Friday. The firm has a market capitalization of $17.42 billion, a P/E ratio of -3.03 and a beta of 2.07. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $28.06. The firm has a fifty day moving average price of $12.10 and a 200-day moving average price of $12.84. 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) earnings per share (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 company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Equities research analysts expect that Rivian Automotive will post -4.87 earnings per share for the current year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 214,287 shares of company stock valued at $2,693,588 over the last ninety days. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its position in Rivian Automotive by 35.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after buying an additional 25,550,489 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Rivian Automotive by 1.8% in the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after purchasing an additional 1,226,357 shares during the last quarter. Baillie Gifford & Co. grew its position in Rivian Automotive by 714.3% during the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after purchasing an additional 22,194,018 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Rivian Automotive by 1,521.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after buying an additional 5,937,605 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Rivian Automotive during the 4th quarter valued at about $129,427,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.