The Goldman Sachs Group Issues Positive Forecast for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN) had its target price hoisted by The Goldman Sachs Group from $12.00 to $15.00 in a report issued on Monday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the electric vehicle automaker’s stock.

A number of other equities analysts have also commented on the company. Stifel Nicolaus cut their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Friday, August 8th. Mizuho raised their price target on Rivian Automotive from $12.00 to $14.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. UBS Group dropped their price objective on Rivian Automotive from $13.00 to $12.00 and set a “neutral” rating for the company in a research note on Wednesday, August 6th. Guggenheim lowered Rivian Automotive from a “buy” rating to a “neutral” rating in a research note on Monday, July 14th. Finally, Needham & Company LLC reissued a “buy” rating and set a $14.00 price objective on shares of Rivian Automotive in a research note on Monday, August 25th. Five analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and an average price target of $13.85.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $14.61 on Monday. Rivian Automotive has a one year low of $9.50 and a one year high of $17.15. The business has a fifty day moving average price of $13.50 and a 200-day moving average price of $13.34. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72. The firm has a market capitalization of $17.73 billion, a P/E ratio of -4.52 and a beta of 1.82.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the previous year, the business earned ($1.46) earnings per share. Rivian Automotive’s revenue was up 12.5% on a year-over-year basis. As a group, equities research analysts forecast that Rivian Automotive will post -3.2 EPS for the current year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive 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 completion of the sale, the chief executive officer owned 1,316,205 shares of the company’s stock, valued at $18,426,870. The trade was a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer directly owned 789,445 shares of the company’s stock, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,147 shares of company stock valued at $577,593. Corporate insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently added to or reduced their stakes in the company. Teacher Retirement System of Texas bought a new stake in Rivian Automotive during the first quarter worth about $1,382,000. Caisse Des Depots ET Consignations bought a new stake in Rivian Automotive during the first quarter worth about $2,807,000. Ethos Financial Group LLC bought a new stake in Rivian Automotive during the first quarter worth about $311,000. Intech Investment Management LLC increased its holdings in shares of Rivian Automotive by 522.0% in the first quarter. Intech Investment Management LLC now owns 350,965 shares of the electric vehicle automaker’s stock worth $4,370,000 after buying an additional 294,539 shares during the period. Finally, Mn Services Vermogensbeheer B.V. increased its holdings in shares of Rivian Automotive by 24.3% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 293,800 shares of the electric vehicle automaker’s stock worth $4,037,000 after buying an additional 57,500 shares during the period. 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.