Piper Sandler Reiterates Overweight Rating for Rivian Automotive (NASDAQ:RIVN)

Piper Sandler reaffirmed their overweight rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research note published on Wednesday, Benzinga reports. Piper Sandler currently has a $21.00 price target on the electric vehicle automaker’s stock.

A number of other research analysts have also recently weighed in on RIVN. Wedbush lifted their price objective on Rivian Automotive from $15.00 to $20.00 and gave the company an outperform rating in a research report on Wednesday. UBS Group raised Rivian Automotive from a sell rating to a neutral rating and set a $9.00 price objective on the stock in a research report on Tuesday, April 16th. Mizuho lowered their price objective on Rivian Automotive from $12.00 to $11.00 and set a neutral rating on the stock in a research report on Wednesday, May 8th. Jefferies Financial Group initiated coverage on Rivian Automotive in a research report on Thursday, March 7th. They set a buy rating and a $16.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a hold rating and set a $15.00 price objective on shares of Rivian Automotive in a research report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $19.63.

Rivian Automotive Price Performance

NASDAQ RIVN opened at $13.42 on Wednesday. Rivian Automotive has a one year low of $8.26 and a one year high of $28.06. The stock has a 50-day moving average of $10.68 and a 200 day moving average of $13.48. The company has a market capitalization of $13.36 billion, a price-to-earnings ratio of -2.33 and a beta of 2.01. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. On average, sell-side analysts forecast that Rivian Automotive will post -4.94 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,234,023.75. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its stake in shares of Rivian Automotive by 35.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after purchasing an additional 25,550,489 shares during the last quarter. Baillie Gifford & Co. lifted its stake in shares of Rivian Automotive by 714.3% during the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after purchasing an additional 22,194,018 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Rivian Automotive by 1,521.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after purchasing an additional 5,937,605 shares during the last quarter. Norges Bank purchased a new stake in shares of Rivian Automotive during the 4th quarter worth $129,427,000. Finally, Vanguard Group Inc. lifted its stake in shares of Rivian Automotive by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after purchasing an additional 4,467,881 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.