The Goldman Sachs Group Forecasts Strong Price Appreciation for Rivian Automotive (NASDAQ:RIVN) Stock

Key Points

• The Goldman Sachs Group has raised its price target for Rivian Automotive (NASDAQ:RIVN) from $12.00 to $15.00, indicating a potential downside of 3.78% from the current stock price.
• Rivian reported a loss of $0.97 per share in its latest quarterly earnings, missing analyst estimates, but reported a year-over-year revenue increase of 12.5% to $1.30 billion.
• Currently, Rivian Automotive holds an average rating of "Hold" from analysts, with 5 Buy ratings, 16 Hold ratings, and 3 Sell ratings.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its price target hoisted by research analysts at The Goldman Sachs Group from $12.00 to $15.00 in a research report issued on Monday,Benzinga reports. The firm presently has a "neutral" rating on the electric vehicle automaker's stock. The Goldman Sachs Group's price target would indicate a potential downside of 3.78% from the stock's current price.

A number of other research firms have also commented on RIVN. Canaccord Genuity Group dropped their price objective on shares of Rivian Automotive from $23.00 to $21.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Guggenheim lowered shares of Rivian Automotive from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Wall Street Zen lowered shares of Rivian Automotive from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Wedbush dropped their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 6th. Finally, Morgan Stanley dropped their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 13th. Five investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Rivian Automotive currently has an average rating of "Hold" and an average target price of $13.85.

Rivian Automotive Stock Down 1.0%

Shares of NASDAQ:RIVN opened at $15.59 on Monday. The company has a market capitalization of $18.92 billion, a PE ratio of -4.83 and a beta of 1.81. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. Rivian Automotive has a twelve month low of $9.50 and a twelve month high of $17.15. The firm has a 50 day simple moving average of $13.44 and a 200-day simple moving average of $13.29.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.32). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The company had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the prior year, the company earned ($1.46) EPS. The business's revenue was up 12.5% on a year-over-year basis. On average, equities analysts predict that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of the firm's stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the completion of the sale, the chief executive officer directly owned 1,316,205 shares of the company's stock, valued at $18,426,870. This trade represents a 1.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the transaction, the chief financial officer owned 789,445 shares in the company, valued at $9,694,384.60. The trade was a 0.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,147 shares of company stock valued at $577,593 over the last three months. Insiders own 2.16% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently modified their holdings of RIVN. Brighton Jones LLC lifted its holdings in shares of Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock valued at $235,000 after purchasing an additional 3,864 shares in the last quarter. AdvisorNet Financial Inc lifted its stake in Rivian Automotive by 81.4% in the 1st quarter. AdvisorNet Financial Inc now owns 3,792 shares of the electric vehicle automaker's stock valued at $47,000 after buying an additional 1,702 shares in the last quarter. GAMMA Investing LLC grew its holdings in Rivian Automotive by 946.1% during the 1st quarter. GAMMA Investing LLC now owns 93,026 shares of the electric vehicle automaker's stock valued at $1,158,000 after buying an additional 84,133 shares during the last quarter. Rhumbline Advisers grew its holdings in Rivian Automotive by 0.9% during the 1st quarter. Rhumbline Advisers now owns 903,283 shares of the electric vehicle automaker's stock valued at $11,246,000 after buying an additional 8,038 shares during the last quarter. Finally, NBC Securities Inc. grew its holdings in Rivian Automotive by 107,835.8% during the 1st quarter. NBC Securities Inc. now owns 57,206 shares of the electric vehicle automaker's stock valued at $712,000 after buying an additional 57,153 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.

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