The Goldman Sachs Group Boosts Rivian Automotive (NASDAQ:RIVN) Price Target to $14.00

Rivian Automotive (NASDAQ:RIVN) had its target price upped by The Goldman Sachs Group from $11.00 to $14.00 in a research report released on Monday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the electric vehicle automaker’s stock.

Several other equities analysts also recently weighed in on RIVN. Deutsche Bank Aktiengesellschaft reaffirmed a hold rating and issued a $15.00 price objective on shares of Rivian Automotive in a research note on Tuesday, April 2nd. DA Davidson increased their target price on Rivian Automotive from $12.00 to $13.00 and gave the company a neutral rating in a report on Friday, June 28th. Mizuho lowered their target price on Rivian Automotive from $12.00 to $11.00 and set a neutral rating on the stock in a report on Wednesday, May 8th. Jefferies Financial Group initiated coverage on Rivian Automotive in a report on Thursday, March 7th. They set a buy rating and a $16.00 target price on the stock. Finally, Wells Fargo & Company lowered their target price on Rivian Automotive from $14.00 to $10.00 and set an equal weight rating on the stock in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $19.04.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $14.65 on Monday. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $28.06. The company has a market capitalization of $14.58 billion, a P/E ratio of -2.54 and a beta of 2.07. The business has a 50 day moving average price of $11.02 and a 200 day moving average price of $13.33. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing the consensus estimate of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Sell-side analysts expect that Rivian Automotive will post -4.87 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its position in shares of Rivian Automotive by 35.7% in 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 buying an additional 25,550,489 shares during the period. Vanguard Group Inc. raised its position in shares of Rivian Automotive by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock worth $761,459,000 after buying an additional 1,226,357 shares during the period. Baillie Gifford & Co. raised its position in shares of Rivian Automotive by 714.3% in the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after buying an additional 22,194,018 shares during the period. Morgan Stanley raised its position in shares of Rivian Automotive by 14.0% in the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after buying an additional 1,193,650 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Rivian Automotive by 1,521.2% in 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 buying an additional 5,937,605 shares during the period. 66.25% of the stock is 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.