Rivian Automotive (NASDAQ:RIVN) Given New $14.00 Price Target at Wells Fargo & Company

Rivian Automotive (NASDAQ:RIVN) had its price objective upped by equities research analysts at Wells Fargo & Company from $11.00 to $14.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the electric vehicle automaker’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 9.11% from the stock’s previous close.

A number of other brokerages have also recently issued reports on RIVN. Needham & Company LLC upped their target price on Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Friday. Truist Financial upped their target price on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Royal Bank of Canada lowered their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Stifel Nicolaus lowered their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 11th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $15.50.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $12.83 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $18.85. The stock has a market capitalization of $13.10 billion, a P/E ratio of -2.24 and a beta of 2.04. The stock has a fifty day moving average of $13.59 and a 200-day moving average of $12.54.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 72.78% and a negative net margin of 121.38%. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. On average, sell-side analysts expect that Rivian Automotive will post -4.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,097 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the transaction, the chief financial officer now owns 370,401 shares in the company, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $9,712,811.25. The trade was a 8.80 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 366,788 shares of company stock worth $5,024,431. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. Tandem Financial LLC purchased a new stake in shares of Rivian Automotive in the fourth quarter worth approximately $25,000. Bank of Jackson Hole Trust purchased a new stake in shares of Rivian Automotive in the fourth quarter worth approximately $27,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rivian Automotive in the third quarter worth approximately $28,000. GHP Investment Advisors Inc. raised its stake in shares of Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 1,002 shares during the last quarter. Finally, American Capital Advisory LLC raised its stake in shares of Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares during the last quarter. 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.