Rivian Automotive (NASDAQ:RIVN) Price Target Lowered to $67.00 at Robert W. Baird

Rivian Automotive (NASDAQ:RIVNGet Rating) had its price objective reduced by equities researchers at Robert W. Baird from $84.00 to $67.00 in a research report issued on Thursday, The Fly reports.

A number of other brokerages have also recently issued reports on RIVN. Wolfe Research reduced their price objective on shares of Rivian Automotive from $130.00 to $78.00 and set an “outperform” rating for the company in a research note on Friday, March 11th. Zacks Investment Research cut shares of Rivian Automotive from a “hold” rating to a “sell” rating in a research note on Thursday. Piper Sandler cut their target price on shares of Rivian Automotive from $112.00 to $108.00 in a research note on Thursday. Mizuho cut their target price on shares of Rivian Automotive from $95.00 to $90.00 in a research note on Wednesday, April 20th. Finally, Morgan Stanley reaffirmed a “buy” rating and set a $85.00 target price (down from $147.00) on shares of Rivian Automotive in a research note on Friday, March 11th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of 78.53.

RIVN opened at 20.60 on Thursday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 13.93 and a current ratio of 14.14. Rivian Automotive has a 1-year low of 19.25 and a 1-year high of 179.47. The stock has a 50 day simple moving average of 39.06.

Rivian Automotive (NASDAQ:RIVNGet Rating) last announced its quarterly earnings data on Wednesday, May 11th. The electric vehicle automaker reported -1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of -1.46 by 0.03. On average, equities analysts anticipate 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 dated 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 completion of the sale, the insider now owns 93,947,494 shares in the company, valued at approximately 2,517,792,839.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Rivian Automotive during the 4th quarter valued at about $3,395,000. Avantax Advisory Services Inc. purchased a new position in shares of Rivian Automotive in the 4th quarter worth approximately $567,000. Arizona State Retirement System purchased a new position in shares of Rivian Automotive in the 4th quarter worth approximately $4,902,000. TAP Consulting LLC purchased a new position in shares of Rivian Automotive in the 4th quarter worth approximately $30,000. Finally, Steward Partners Investment Advisory LLC purchased a new position in shares of Rivian Automotive in the 4th quarter worth approximately $296,000. 78.67% 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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