Rivian Automotive (NASDAQ:RIVN) Price Target Raised to $15.00 at Piper Sandler

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its price target upped by equities research analysts at Piper Sandler from $13.00 to $15.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the electric vehicle automaker's stock. Piper Sandler's price objective suggests a potential downside of 6.76% from the stock's current price.

Several other equities research analysts have also recently weighed in on RIVN. Wells Fargo & Company dropped their price objective on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a report on Wednesday, May 7th. Sanford C. Bernstein started coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 price target for the company. TD Cowen started coverage on shares of Rivian Automotive in a report on Friday, March 7th. They issued a "hold" rating and a $12.70 target price for the company. Wedbush cut their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Finally, Benchmark reiterated a "buy" rating and issued a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday, March 18th. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive has a consensus rating of "Hold" and an average target price of $14.33.

Rivian Automotive Price Performance

RIVN stock traded down $0.25 during trading on Thursday, reaching $16.09. 5,018,534 shares of the company were exchanged, compared to its average volume of 36,263,226. The company has a market capitalization of $18.19 billion, a price-to-earnings ratio of -3.40 and a beta of 1.86. Rivian Automotive has a twelve month low of $9.50 and a twelve month high of $18.86. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The company has a 50-day moving average of $12.73 and a two-hundred day moving average of $12.63.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, topping the consensus estimate of ($0.80) by $0.23. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $981.52 million. During the same quarter in the prior year, the company posted ($1.48) earnings per share. The business's revenue was up 3.0% on a year-over-year basis. As a group, equities analysts predict that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 9,937 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $15.00, for a total transaction of $149,055.00. Following the transaction, the chief financial officer now owns 851,637 shares of the company's stock, valued at $12,774,555. This represents a 1.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 71,428 shares of the stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the completion of the transaction, the chief executive officer now owns 1,483,111 shares of the company's stock, valued at $22,780,584.96. This represents a 4.59% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 384,265 shares of company stock worth $5,201,750. 2.16% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently made changes to their positions in RIVN. Vanguard Group Inc. increased its position in shares of Rivian Automotive by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock worth $959,804,000 after purchasing an additional 5,610,688 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Rivian Automotive by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after acquiring an additional 227,168 shares in the last quarter. Capital International Investors acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $144,030,000. Norges Bank acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at approximately $123,308,000. Finally, Soma Equity Partners LP lifted its stake in Rivian Automotive by 19.9% during the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock worth $112,865,000 after purchasing an additional 1,407,772 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company's stock.

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.

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