JPMorgan Chase & Co. Raises Rivian Automotive (NASDAQ:RIVN) Price Target to $14.00

Rivian Automotive (NASDAQ:RIVN) had its price target lifted by JPMorgan Chase & Co. from $10.00 to $14.00 in a report released on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the electric vehicle automaker’s stock.

Several other equities research analysts have also recently commented on the company. Piper Sandler reaffirmed an overweight rating and set a $21.00 target price on shares of Rivian Automotive in a research note on Wednesday. Barclays reduced their price objective on Rivian Automotive from $12.00 to $10.00 and set an equal weight rating for the company in a research note on Friday, April 19th. Jefferies Financial Group started coverage on Rivian Automotive in a research note on Thursday, March 7th. They issued a buy rating and a $16.00 price objective for the company. Truist Financial raised their price objective on Rivian Automotive from $10.00 to $13.00 and gave the company a hold rating in a research note on Wednesday. Finally, Mizuho reduced their price objective on Rivian Automotive from $12.00 to $11.00 and set a neutral rating for the company in a research note on Wednesday, May 8th. One equities research 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’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $19.63.

Rivian Automotive Price Performance

Shares of RIVN opened at $13.42 on Wednesday. The business has a 50-day moving average of $10.68 and a 200-day moving average of $13.48. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $28.06. The company has a market capitalization of $13.36 billion, a price-to-earnings ratio of -2.33 and a beta of 2.01. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results 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 return on equity of 53.55% and a negative net margin of 111.09%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.15 billion. As a group, equities research analysts anticipate that Rivian Automotive will post -4.94 earnings per share for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,452,349.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC raised its stake in shares of Rivian Automotive by 975.4% during the 1st 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 stake 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 raised 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 purchasing an additional 9,508 shares during the period. EULAV Asset Management raised its stake in shares of Rivian Automotive by 33.3% during the 1st quarter. EULAV Asset Management now owns 680,000 shares of the electric vehicle automaker’s stock valued at $7,446,000 after purchasing an additional 170,000 shares during the period. Finally, Teachers Retirement System of The State of Kentucky raised its stake in shares of Rivian Automotive by 571.5% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 502,949 shares of the electric vehicle automaker’s stock valued at $5,507,000 after purchasing an additional 428,050 shares during the period. 66.25% of the stock is currently owned by 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.