Piper Sandler Issues Positive Forecast for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its price objective hoisted by research analysts at Piper Sandler from $13.00 to $15.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the electric vehicle automaker's stock. Piper Sandler's target price indicates a potential downside of 4.03% from the stock's current price.

Other research analysts have also recently issued research reports about the company. Benchmark restated a "buy" rating and issued a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday, March 18th. JPMorgan Chase & Co. dropped their target price on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a report on Friday, April 25th. Cowen assumed coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They set a "hold" rating for the company. TD Cowen started coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They issued a "hold" rating and a $12.70 price target on the stock. Finally, Barclays lifted their price objective on Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Wednesday, January 22nd. Three 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. According to data from MarketBeat.com, Rivian Automotive currently has an average rating of "Hold" and a consensus price target of $14.33.

Rivian Automotive Stock Performance

RIVN traded down $0.28 during trading on Thursday, hitting $15.63. The stock had a trading volume of 21,760,518 shares, compared to its average volume of 36,323,953. 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 quick ratio of 3.70 and a current ratio of 5.09. The company's 50-day moving average price is $12.92 and its 200 day moving average price is $12.74. The firm has a market capitalization of $17.67 billion, a P/E ratio of -3.31 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS 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 company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $981.52 million. During the same period in the previous year, the firm earned ($1.48) EPS. The business's revenue was up 3.0% on a year-over-year basis. On average, equities research analysts forecast that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 9,937 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $15.00, for a total value of $149,055.00. Following the completion of the transaction, the chief financial officer now directly owns 851,637 shares in the company, valued at approximately $12,774,555. This represents a 1.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $11.82, for a total value of $844,290.78. Following the sale, the chief executive officer now owns 853,011 shares of the company's stock, valued at $10,082,590.02. This represents a 7.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 384,265 shares of company stock worth $5,201,750. Corporate insiders own 2.16% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of RIVN. Charles Schwab Investment Management Inc. increased its stake in Rivian Automotive by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock valued at $63,055,000 after purchasing an additional 133,781 shares during the last quarter. Twinbeech Capital LP bought a new stake in Rivian Automotive during the fourth quarter worth approximately $29,944,000. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at $1,363,000. Groupama Asset Managment bought a new position in shares of Rivian Automotive during the 4th quarter valued at about $26,600,000. Finally, SG Americas Securities LLC boosted its holdings in Rivian Automotive by 42.7% during the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock worth $2,404,000 after buying an additional 54,053 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

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.