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

Rivian Automotive (NASDAQ:RIVN) had its price target hoisted by investment analysts at DA Davidson from $14.00 to $15.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the electric vehicle automaker’s stock. DA Davidson’s target price suggests a potential upside of 5.39% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Benchmark reaffirmed a “buy” rating and set a $25.00 price target on shares of Rivian Automotive in a research report on Friday, May 1st. Weiss Ratings cut shares of Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 4th. Deutsche Bank Aktiengesellschaft upgraded shares of Rivian Automotive from a “hold” rating to a “buy” rating and upped their price objective for the company from $16.00 to $23.00 in a report on Friday, February 13th. Canaccord Genuity Group restated a “buy” rating and set a $22.00 target price on shares of Rivian Automotive in a research note on Monday, April 6th. Finally, Tigress Financial reaffirmed a “buy” rating and set a $25.00 target price on shares of Rivian Automotive in a report on Friday, April 10th. Twelve investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $18.57.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN traded up $0.01 on Monday, hitting $14.23. The stock had a trading volume of 13,184,987 shares, compared to its average volume of 29,164,881. Rivian Automotive has a twelve month low of $11.57 and a twelve month high of $22.69. The firm’s 50 day moving average price is $15.67 and its 200-day moving average price is $16.25. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10. The company has a market capitalization of $17.66 billion, a price-to-earnings ratio of -4.87 and a beta of 1.64.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.54) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.14. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the prior year, the business posted ($0.70) EPS. The firm’s quarterly revenue was down 25.8% on a year-over-year basis. On average, equities research analysts predict that Rivian Automotive will post -3.1 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,900 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $586,320.00. Following the completion of the sale, the chief executive officer owned 1,044,731 shares in the company, valued at approximately $17,551,480.80. This trade represents a 3.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 27,133 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $455,834.40. Following the sale, the chief financial officer directly owned 680,836 shares of the company’s stock, valued at $11,438,044.80. The trade was a 3.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 148,888 shares of company stock valued at $2,411,276. Corporate insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently bought and sold shares of the company. Newbridge Financial Services Group Inc. raised its holdings in Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 1,000 shares during the period. Core Wealth Advisors LLC bought a new position in Rivian Automotive in the 4th quarter worth about $27,000. Hemington Wealth Management grew its holdings in Rivian Automotive by 291.0% during the 3rd quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock valued at $31,000 after buying an additional 1,580 shares in the last quarter. SOA Wealth Advisors LLC. increased its position in shares of Rivian Automotive by 894.2% during the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after buying an additional 1,395 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Rivian Automotive in the third quarter worth about $31,000. 66.25% of the stock is owned by institutional investors.

About Rivian Automotive

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.