Barclays Lowers Rivian Automotive (NASDAQ:RIVN) Price Target to $38.00

Rivian Automotive (NASDAQ:RIVNGet Rating) had its target price reduced by investment analysts at Barclays from $42.00 to $38.00 in a research report issued on Tuesday, The Fly reports.

Several other analysts also recently commented on the company. UBS Group started coverage on Rivian Automotive in a research note on Tuesday, January 11th. They set a “buy” rating on the stock. Wedbush lowered their price target on Rivian Automotive from $130.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, March 11th. Robert W. Baird lowered their price target on Rivian Automotive from $100.00 to $84.00 in a report on Friday, March 11th. Wells Fargo & Company lowered their price target on Rivian Automotive from $70.00 to $40.00 and set an “equal weight” rating on the stock in a report on Friday, March 11th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on Rivian Automotive from $91.00 to $90.00 and set a “buy” rating on the stock in a report on Thursday, April 21st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of 83.06.

Rivian Automotive stock opened at 33.90 on Tuesday. The company has a current ratio of 14.14, a quick ratio of 13.93 and a debt-to-equity ratio of 0.06. The stock has a 50 day moving average of 47.00. Rivian Automotive has a twelve month low of 32.40 and a twelve month high of 179.47.

Rivian Automotive (NASDAQ:RIVNGet Rating) last posted its quarterly earnings results on Thursday, March 10th. The electric vehicle automaker reported -2.43 earnings per share for the quarter, missing the consensus estimate of -1.97 by -0.46. The company had revenue of 54.00 million during the quarter, compared to the consensus estimate of 60.72 million. On average, analysts expect that Rivian Automotive will post -6.31 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Sargent Bickham Lagudis LLC purchased a new position in Rivian Automotive in the fourth quarter worth $25,000. Global Wealth Management Investment Advisory Inc. purchased a new position in Rivian Automotive in the fourth quarter worth $25,000. Perkins Coie Trust Co purchased a new position in Rivian Automotive in the first quarter worth $25,000. Baldwin Brothers LLC MA purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at $26,000. Finally, Retirement Group LLC purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at $26,000. 50.13% of the stock is currently owned by institutional investors and hedge funds.

About Rivian Automotive (Get Rating)

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.

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