Rivian Automotive (NASDAQ:RIVN) Given New $108.00 Price Target at Piper Sandler

Rivian Automotive (NASDAQ:RIVNGet Rating) had its price target decreased by equities researchers at Piper Sandler from $112.00 to $108.00 in a research note issued to investors on Thursday, The Fly reports.

A number of other equities analysts also recently commented on the stock. Exane BNP Paribas initiated coverage on shares of Rivian Automotive in a report on Monday, April 11th. They set an “underperform” rating and a $35.00 price objective for the company. Mizuho reduced their price objective on shares of Rivian Automotive from $95.00 to $90.00 in a report on Wednesday, April 20th. JPMorgan Chase & Co. dropped their target price on shares of Rivian Automotive from $104.00 to $84.00 in a research report on Wednesday, January 26th. Wedbush dropped their target price on shares of Rivian Automotive from $130.00 to $60.00 and set an “outperform” rating for the company in a research report on Friday, March 11th. Finally, BNP Paribas initiated coverage on shares of Rivian Automotive in a research report on Monday, April 11th. They set an “underperform” rating and a $35.00 target price for the company. Three research analysts have rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average target price of 81.88.

NASDAQ:RIVN opened at 20.60 on Thursday. The stock’s 50-day simple moving average is 39.06. Rivian Automotive has a 52 week low of 19.25 and a 52 week high of 179.47. The company has a quick ratio of 13.93, a current ratio of 14.14 and a debt-to-equity ratio of 0.06.

Rivian Automotive (NASDAQ:RIVNGet Rating) last released its quarterly earnings data on Wednesday, May 11th. The electric vehicle automaker reported -1.43 EPS for the quarter, topping analysts’ consensus estimates of -1.46 by 0.03. On average, equities research analysts expect that Rivian Automotive will post -6.37 EPS for the current year.

In related news, major shareholder Motor Co Ford sold 8,000,000 shares of Rivian Automotive stock in a transaction that occurred on Monday, May 9th. The shares were sold at an average price of 26.80, for a total transaction of 214,400,000.00. Following the transaction, the insider now owns 93,947,494 shares of the company’s stock, valued at approximately 2,517,792,839.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

A number of institutional investors have recently added to or reduced their stakes in RIVN. DNB Asset Management AS bought a new position in Rivian Automotive during the 4th quarter worth approximately $2,585,000. Wedbush Securities Inc. bought a new position in Rivian Automotive during the 4th quarter worth approximately $631,000. Koshinski Asset Management Inc. bought a new position in Rivian Automotive during the 4th quarter worth approximately $270,000. Baldwin Brothers LLC MA bought a new position in Rivian Automotive during the 4th quarter worth approximately $26,000. Finally, IFM Investors Pty Ltd bought a new position in Rivian Automotive in the fourth quarter valued at approximately $2,206,000. 78.67% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Company Profile (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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