Mizuho Forecasts Strong Price Appreciation for Rivian Automotive (NASDAQ:RIVN) Stock

Rivian Automotive (NASDAQ:RIVN) had its price target boosted by Mizuho from $11.00 to $13.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a neutral rating on the electric vehicle automaker’s stock.

RIVN has been the topic of several other reports. Needham & Company LLC dropped their price objective on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Bank of America lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their price target for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target on the stock. The Goldman Sachs Group increased their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Finally, Piper Sandler cut their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $15.50.

Rivian Automotive Trading Down 4.7 %

NASDAQ:RIVN opened at $12.97 on Friday. The firm has a fifty day simple moving average of $13.56 and a two-hundred day simple moving average of $12.53. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $18.85. The stock has a market capitalization of $13.24 billion, a price-to-earnings ratio of -2.32 and a beta of 2.04. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (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 for the quarter, compared to analysts’ expectations of $1.43 billion. Analysts expect that Rivian Automotive will post -4.7 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 8,097 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total transaction of $98,783.40. Following the completion of the sale, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This trade represents a 2.14 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total value of $975,005.85. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,784,877.65. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 366,788 shares of company stock worth $5,024,431 over the last quarter. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently modified their holdings of the business. Tandem Financial LLC purchased a new position in shares of Rivian Automotive in the 4th quarter valued at $25,000. Bank of Jackson Hole Trust bought a new stake in Rivian Automotive during the fourth quarter valued at about $27,000. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive during the third quarter valued at about $28,000. GHP Investment Advisors Inc. grew its stake in 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 valued at $29,000 after purchasing an additional 1,002 shares during the last quarter. Finally, American Capital Advisory LLC raised its holdings in 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 in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.