Barclays Raises Rivian Automotive (NASDAQ:RIVN) Price Target to $14.00

Rivian Automotive (NASDAQ:RIVN) had its price target increased by Barclays from $10.00 to $14.00 in a research note released on Monday, Benzinga reports. They currently have an equal weight rating on the electric vehicle automaker’s stock.

Several other research firms have also recently issued reports on RIVN. Mizuho lowered 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. Piper Sandler restated an overweight rating and set a $21.00 target price on shares of Rivian Automotive in a research note on Wednesday, June 26th. Needham & Company LLC increased their price objective on shares of Rivian Automotive from $13.00 to $20.00 and gave the stock a buy rating in a research note on Friday, June 28th. Royal Bank of Canada increased their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a sector perform rating in a research note on Monday. Finally, Wedbush increased their price objective on shares of Rivian Automotive from $15.00 to $20.00 and gave the stock an outperform rating in a research note on Wednesday, June 26th. One investment 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. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $19.04.

Rivian Automotive Price Performance

RIVN opened at $14.65 on Monday. 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 stock has a market capitalization of $14.58 billion, a P/E ratio of -2.54 and a beta of 2.07. The company’s 50-day simple moving average is $11.02 and its two-hundred day simple moving average is $13.33. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results 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). The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. As a group, analysts predict that Rivian Automotive will post -4.87 EPS for the current year.

Insider Buying and Selling

In related 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 completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its holdings 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 valued at $2,277,304,000 after buying an additional 25,550,489 shares in the last quarter. Vanguard Group Inc. grew its holdings in Rivian Automotive by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after buying an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. grew its holdings 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 valued at $277,046,000 after buying an additional 22,194,018 shares in the last quarter. Morgan Stanley grew its holdings in Rivian Automotive by 14.0% during the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after buying an additional 1,193,650 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in 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 in the last quarter. 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.