Wells Fargo & Company Increases Rivian Automotive (NASDAQ:RIVN) Price Target to $15.00

Rivian Automotive (NASDAQ:RIVNGet Free Report) had its price target upped by analysts at Wells Fargo & Company from $12.00 to $15.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the electric vehicle automaker’s stock. Wells Fargo & Company‘s price objective suggests a potential downside of 10.17% from the stock’s current price.

RIVN has been the subject of a number of other reports. DA Davidson increased their price objective on Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 11th. Stifel Nicolaus lifted their price objective on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, November 17th. Tigress Financial raised their target price on shares of Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. Wall Street Zen raised shares of Rivian Automotive from a “sell” rating to a “hold” rating in a report on Saturday, February 7th. Finally, JPMorgan Chase & Co. increased their price target on shares of Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Monday, October 20th. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $17.51.

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Rivian Automotive Stock Performance

Shares of RIVN opened at $16.70 on Friday. The company’s 50 day simple moving average is $17.66 and its 200-day simple moving average is $15.28. The firm has a market cap of $20.47 billion, a PE ratio of -5.56 and a beta of 1.76. Rivian Automotive has a 12-month low of $10.36 and a 12-month high of $22.69. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last issued its quarterly earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.66) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.02. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The firm had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the prior year, the business earned ($0.70) EPS. Rivian Automotive’s quarterly revenue was down 25.8% compared to the same quarter last year. As a group, equities analysts predict 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 the company’s stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $16.03, for a total value of $279,723.50. Following the sale, the chief executive officer owned 1,115,209 shares of the company’s stock, valued at approximately $17,876,800.27. This represents a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 8,039 shares of the business’s stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $18.00, for a total transaction of $144,702.00. Following the completion of the sale, the chief financial officer owned 730,017 shares in the company, valued at $13,140,306. This represents a 1.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 120,154 shares of company stock worth $2,143,724. Company insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of RIVN. Assetmark Inc. boosted its stake in shares of Rivian Automotive by 315.6% during the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after acquiring an additional 1,357 shares during the last quarter. Newbridge Financial Services Group Inc. grew its holdings in shares of Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 1,000 shares in the last quarter. Core Wealth Advisors LLC acquired a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $27,000. Mather Group LLC. purchased a new position in shares of Rivian Automotive during the third quarter valued at approximately $30,000. Finally, Hemington Wealth Management boosted its position in Rivian Automotive by 291.0% during the third quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock worth $31,000 after acquiring an additional 1,580 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive News Summary

Here are the key news stories impacting Rivian Automotive this week:

About Rivian Automotive

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Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.

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