Rivian Automotive (NASDAQ:RIVN) Rating Reiterated by Piper Sandler

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

RIVN has been the subject of a number of other research reports. Truist Financial lifted their price objective on shares of Rivian Automotive from $10.00 to $13.00 and gave the stock a hold rating in a report on Wednesday. Jefferies Financial Group started coverage on shares of Rivian Automotive in a report on Thursday, March 7th. They issued a buy rating and a $16.00 price objective for the company. Cantor Fitzgerald lifted their price objective on shares of Rivian Automotive from $15.00 to $19.00 and gave the stock an overweight rating in a report on Wednesday. Guggenheim started coverage on shares of Rivian Automotive in a report on Tuesday, June 25th. They issued a buy rating and a $18.00 price objective for the company. Finally, Barclays decreased their price objective on shares of Rivian Automotive from $12.00 to $10.00 and set an equal weight rating for the company in a report on Friday, April 19th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $19.63.

Rivian Automotive Trading Down 7.3 %

RIVN opened at $13.42 on Wednesday. The firm has a market capitalization of $13.36 billion, a P/E ratio of -2.33 and a beta of 2.01. The firm’s 50 day moving average is $10.68 and its 200-day moving average is $13.48. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $28.06. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.15 billion. Analysts expect that Rivian Automotive will post -4.94 EPS for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently made changes to their positions in RIVN. LPL Financial LLC increased its holdings in shares of Rivian Automotive by 48.5% in the 3rd quarter. LPL Financial LLC now owns 370,107 shares of the electric vehicle automaker’s stock valued at $8,986,000 after purchasing an additional 120,883 shares during the period. Mariner LLC increased its holdings in Rivian Automotive by 18.3% in the third quarter. Mariner LLC now owns 81,957 shares of the electric vehicle automaker’s stock worth $1,990,000 after buying an additional 12,683 shares during the last quarter. Stifel Financial Corp increased its holdings in Rivian Automotive by 7.3% in the third quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock worth $6,997,000 after buying an additional 19,699 shares during the last quarter. Northern Trust Corp grew its holdings in Rivian Automotive by 14.8% during the third quarter. Northern Trust Corp now owns 4,235,291 shares of the electric vehicle automaker’s stock valued at $102,833,000 after purchasing an additional 544,588 shares during the last quarter. Finally, Mutual Advisors LLC acquired a new position in Rivian Automotive during the third quarter valued at approximately $306,000. Institutional investors and hedge funds 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.