DA Davidson Issues Positive Forecast for Rivian Automotive (NASDAQ:RIVN) Stock Price

Key Points

• DA Davidson raised its price target on Rivian from $14 to $15 while keeping a neutral rating, implying about 5.4% upside from the current share price.
• Analyst sentiment is mixed: recent firms have issued upgrades and outperform/buy calls, but the overall consensus remains a Hold with a $18.57 average target price.
• Rivian shares were little changed at $14.23, while the company’s latest earnings beat expectations on EPS and revenue but still showed steep losses and year-over-year revenue decline.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its target price increased by investment analysts at DA Davidson from $14.00 to $15.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a "neutral" rating on the electric vehicle automaker's stock. DA Davidson's price target would suggest a potential upside of 5.39% from the stock's current price.

Several other equities research analysts have also recently commented on the company. TD Cowen upgraded Rivian Automotive from a "hold" rating to a "buy" rating and upped their price target for the stock from $17.00 to $20.00 in a research note on Tuesday, March 10th. Jefferies Financial Group reiterated a "hold" rating and issued a $15.00 target price on shares of Rivian Automotive in a report on Tuesday, March 3rd. Leerink Partners reissued an "outperform" rating on shares of Rivian Automotive in a research report on Thursday, March 12th. BNP Paribas Exane reiterated an "outperform" rating and set a $22.00 price objective (down from $23.00) on shares of Rivian Automotive in a research note on Friday, May 1st. Finally, Bank of America began coverage on shares of Rivian Automotive in a research note on Wednesday, March 4th. They set an "underperform" rating and a $14.00 price target on the stock. Twelve research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $18.57.

Rivian Automotive Trading Up 0.1%

NASDAQ RIVN traded up $0.01 on Monday, reaching $14.23. The stock had a trading volume of 13,184,987 shares, compared to its average volume of 29,164,881. The firm has a market capitalization of $17.66 billion, a price-to-earnings ratio of -4.87 and a beta of 1.64. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. Rivian Automotive has a 12-month low of $11.57 and a 12-month high of $22.69. The stock has a fifty day moving average price of $15.67 and a two-hundred day moving average price of $16.25.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.54) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.14. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The business had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the business posted ($0.70) earnings per share. The company's quarterly revenue was down 25.8% on a year-over-year basis. As a group, sell-side analysts forecast that Rivian Automotive will post -3.1 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 10,245 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $18.00, for a total transaction of $184,410.00. Following the transaction, the chief financial officer owned 946,814 shares of the company's stock, valued at $17,042,652. This trade represents a 1.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 21,446 shares of Rivian Automotive stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $16.17, for a total transaction of $346,781.82. Following the completion of the transaction, the chief executive officer directly owned 1,001,138 shares of the company's stock, valued at approximately $16,188,401.46. This represents a 2.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 148,888 shares of company stock worth $2,411,276 in the last 90 days. 2.16% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently modified their holdings of the stock. Newbridge Financial Services Group Inc. increased its stake in Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker's stock valued at $26,000 after buying an additional 1,000 shares during the period. Core Wealth Advisors LLC purchased a new position in shares of Rivian Automotive during the fourth quarter valued at $27,000. Hemington Wealth Management raised its position in Rivian Automotive by 291.0% during the third quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker's stock valued at $31,000 after buying an additional 1,580 shares during the period. SOA Wealth Advisors LLC. boosted its position in Rivian Automotive by 894.2% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker's stock worth $31,000 after acquiring an additional 1,395 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Rivian Automotive during the 3rd quarter worth about $31,000. 66.25% of the stock is currently owned by institutional investors.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.

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