In yesterday’s Wall Street session, Rivian Automotive Inc. (NASDAQ:RIVN) shares traded at $13.41, up 2.52% from the previous session.
As we calculate the median target price by taking the range between a high of $40.00 and a low of $11.00, we find $24.50. Given the previous closing price of $13.08, this indicates a potential upside of 87.31 percent. RIVN stock price is now -1.37% away from the 50-day moving average and -44.97% away from the 200-day moving average. The market capitalization of the company currently stands at $13.50B.
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Brokers who have rated the stock have averaged $23.85 as their price target over the next twelve months.
With the price target reduced from $28 to $14, RBC Capital Mkts Downgraded its rating from Outperform to Sector Perform for Rivian Automotive Inc. (NASDAQ: RIVN). On April 14, 2023, Piper Sandler Downgraded its previous ‘Overweight’ rating to ‘Neutral’ on the stock reducing its target price from $63 to quote $15, while ‘BofA Securities’ rates the stock as ‘Buy’.
In other news, McDonough Claire, Chief Financial Officer sold 2,902 shares of the company’s stock on Feb 16. The stock was sold for $60,304 at an average price of $20.78. Upon completion of the transaction, the Chief Financial Officer now directly owns 72,902 shares in the company, valued at $0.98 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Feb 15, Chief Accounting Officer Baker Jeff sold 2,331 shares of the business’s stock. A total of $44,254 was realized by selling the stock at an average price of $18.98. This leaves the insider owning 87,000 shares of the company worth $1.17 million. A total of 0.10% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in RIVN stock. A new stake in Rivian Automotive Inc. shares was purchased by VIKING GLOBAL INVESTORS LP during the first quarter worth $70,408,000. D. E. SHAW & CO., INC. invested $26,214,000 in shares of RIVN during the first quarter. In the first quarter, RENAISSANCE TECHNOLOGIES LLC acquired a new stake in Rivian Automotive Inc. valued at approximately $16,006,000. CAAS CAPITAL MANAGEMENT LP acquired a new stake in RIVN for approximately $15,768,000. DECADE RENEWABLE PARTNERS LP purchased a new stake in RIVN valued at around $7,998,000 in the second quarter. In total, there are 834 active investors with 69.40% ownership of the company’s stock.
Wednesday morning saw Rivian Automotive Inc. (NASDAQ: RIVN) opened at $13.08. During the past 12 months, Rivian Automotive Inc. has had a low of $11.68 and a high of $40.86. As of last week, the company has a debt-to-equity ratio of 0.00, a current ratio of 5.90, and a quick ratio of 5.10. The fifty day moving average price for RIVN is $13.57 and a two-hundred day moving average price translates $24.26 for the stock.
The latest earnings results from Rivian Automotive Inc. (NASDAQ: RIVN) was released for Mar, 2023. According to the Auto Manufacturers Company, earnings per share came in at -$1.25, beating analysts’ expectations of -$1.59 by 0.34. This compares to -$1.77 EPS in the same period last year. The company reported revenue of $661.0 million for the quarter, compared to $95.0 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 595.79 percent. For the current quarter, analysts expect RIVN to generate $945.67M in revenue.
Rivian Automotive Inc.(RIVN) Company Profile
Rivian Automotive, Inc. designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles. It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc. The company sells its products directly to customers in the consumer and commercial markets. Rivian Automotive, Inc. was founded in 2009 and is based in Irvine, California.
