Rivian Automotive (NASDAQ:RIVN) PT Lowered to $24.00

Rivian Automotive (NASDAQ:RIVNGet Rating) had its price target decreased by Wells Fargo & Company from $40.00 to $24.00 in a report released on Wednesday, The Fly reports.

Other analysts have also issued reports about the company. Exane BNP Paribas started coverage on Rivian Automotive in a research note on Monday, April 11th. They issued an underperform rating and a $35.00 price target on the stock. Redburn Partners started coverage on Rivian Automotive in a research note on Tuesday, January 11th. They issued a buy rating on the stock. Morgan Stanley reaffirmed a buy rating and issued a $85.00 price target (down from $147.00) on shares of Rivian Automotive in a research note on Friday, March 11th. Robert W. Baird lowered their price target on Rivian Automotive from $100.00 to $84.00 in a research note on Friday, March 11th. Finally, Barclays lowered their price target on Rivian Automotive from $42.00 to $38.00 and set an equal weight rating on the stock in a research note on Tuesday, April 26th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of Buy and a consensus target price of 78.00.

Shares of RIVN opened at 21.95 on Wednesday. The company has a current ratio of 14.14, a quick ratio of 13.93 and a debt-to-equity ratio of 0.06. Rivian Automotive has a 12 month low of 19.25 and a 12 month high of 179.47. The firm has a 50 day simple moving average of 39.06.

Rivian Automotive (NASDAQ:RIVNGet Rating) last issued its quarterly earnings data on Wednesday, May 11th. The electric vehicle automaker reported -1.43 EPS for the quarter, beating the consensus estimate of -1.46 by 0.03. Research analysts anticipate that Rivian Automotive will post -6.37 earnings per share for the current year.

In related news, major shareholder Motor Co Ford sold 8,000,000 shares of the business’s stock in a transaction on Monday, May 9th. The stock was sold at an average price of 26.80, for a total value of 214,400,000.00. Following the sale, the insider now owns 93,947,494 shares in the company, valued at approximately 2,517,792,839.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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

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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