Royal Bank of Canada Raises Rivian Automotive (NASDAQ:RIVN) Price Target to $14.00

Rivian Automotive (NASDAQ:RIVN) had its target price lifted by analysts at Royal Bank of Canada from $11.00 to $14.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “sector perform” rating on the electric vehicle automaker’s stock. Royal Bank of Canada’s price target suggests a potential downside of 5.98% from the stock’s current price.

Several other analysts have also weighed in on RIVN. Wedbush lifted their price objective on shares of Rivian Automotive from $15.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, June 26th. Wells Fargo & Company reduced their price target on shares of Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 8th. Morgan Stanley reissued an “overweight” rating and issued a $13.00 price target on shares of Rivian Automotive in a research report on Wednesday, June 26th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $15.00 price target on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Finally, Mizuho reduced their price target on shares of Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Moderate Buy” and a consensus price target of $19.04.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $14.89 on Monday. The business has a 50 day moving average of $10.90 and a 200-day moving average of $13.32. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $28.06. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55. The company has a market capitalization of $14.82 billion, a P/E ratio of -2.58 and a beta of 2.07.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly 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 for the quarter, compared to the consensus estimate 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, equities research analysts predict that Rivian Automotive will post -4.93 earnings per share for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $10,234,023.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its stake in shares of Rivian Automotive by 35.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after purchasing an additional 25,550,489 shares during the period. Vanguard Group Inc. raised its holdings in shares of Rivian Automotive by 1.8% during the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after acquiring an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. raised its holdings in shares of Rivian Automotive by 714.3% during the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after acquiring an additional 22,194,018 shares in the last quarter. Morgan Stanley raised its holdings in shares of Rivian Automotive by 14.0% during the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after acquiring an additional 1,193,650 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Rivian Automotive by 1,521.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after acquiring an additional 5,937,605 shares in the last quarter. Hedge funds and other institutional investors 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.