Rivian Automotive (NASDAQ:RIVN) Given New $15.00 Price Target at DA Davidson

Rivian Automotive (NASDAQ:RIVN) had its target price upped by analysts at DA Davidson from $13.00 to $15.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the electric vehicle automaker’s stock. DA Davidson’s price objective suggests a potential downside of 15.85% from the stock’s previous close.

A number of other research analysts have also recently commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Rivian Automotive in a research report on Wednesday, October 8th. UBS Group increased their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, October 6th. JPMorgan Chase & Co. lifted their target price on Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Monday, October 20th. Morgan Stanley dropped their price objective on Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 13th. Finally, The Goldman Sachs Group dropped their price objective on Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, November 5th. Five equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Reduce” and a consensus target price of $13.81.

Rivian Automotive Price Performance

NASDAQ RIVN traded up $1.42 during trading hours on Tuesday, hitting $17.83. 81,740,047 shares of the company’s stock traded hands, compared to its average volume of 37,737,160. The company has a market capitalization of $21.63 billion, a PE ratio of -5.73 and a beta of 1.81. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. Rivian Automotive has a 52-week low of $9.55 and a 52-week high of $17.91. The firm’s 50-day moving average is $13.96 and its 200-day moving average is $13.73.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) EPS for the quarter, beating the consensus estimate of ($0.72) by $0.02. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The firm had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter last year, the firm earned ($1.08) earnings per share. The business’s revenue for the quarter was up 78.3% on a year-over-year basis. Equities analysts forecast that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the transaction, the chief executive officer directly owned 1,316,205 shares in the company, valued at approximately $18,426,870. This represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the completion of the sale, the chief financial officer directly owned 789,445 shares in the company, valued at $9,694,384.60. This represents a 0.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 42,147 shares of company stock valued at $577,593 over the last quarter. Insiders own 2.16% of the company’s stock.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently bought and sold shares of the business. Brighton Jones LLC grew its stake in Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after buying an additional 3,864 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Rivian Automotive by 2.9% during the first quarter. Bank of New York Mellon Corp now owns 3,199,174 shares of the electric vehicle automaker’s stock worth $39,830,000 after purchasing an additional 89,136 shares in the last quarter. Brown Advisory Inc. boosted its position in shares of Rivian Automotive by 2.4% in the first quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker’s stock worth $405,000 after buying an additional 772 shares during the period. Xponance Inc. grew its stake in shares of Rivian Automotive by 5.8% in the first quarter. Xponance Inc. now owns 79,120 shares of the electric vehicle automaker’s stock valued at $985,000 after buying an additional 4,329 shares in the last quarter. Finally, Ballentine Partners LLC purchased a new stake in shares of Rivian Automotive during the 1st quarter valued at about $199,000. Institutional investors and hedge funds 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.