Royal Bank of Canada Trims Rivian Automotive (NASDAQ:RIVN) Target Price to $77.00

Rivian Automotive (NASDAQ:RIVNGet Rating) had its price objective reduced by Royal Bank of Canada from $100.00 to $77.00 in a research report issued to clients and investors on Thursday, The Fly reports.

A number of other analysts have also issued reports on RIVN. Robert W. Baird dropped their price objective on shares of Rivian Automotive from $84.00 to $67.00 in a research note on Thursday. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Rivian Automotive from $91.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, April 21st. Morgan Stanley restated a “buy” rating and issued a $85.00 price target (down previously from $147.00) on shares of Rivian Automotive in a research note on Friday, March 11th. Barclays decreased their price objective on shares of Rivian Automotive from $42.00 to $38.00 and set an “equal weight” rating for the company in a report on Tuesday, April 26th. Finally, Exane BNP Paribas raised shares of Rivian Automotive from an “underperform” rating to a “neutral” rating in a report on Thursday. One analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of 76.65.

Shares of Rivian Automotive stock traded up 4.93 during mid-day trading on Thursday, hitting 25.53. 905,039 shares of the stock were exchanged, compared to its average volume of 19,280,162. The stock has a 50-day moving average of 39.06. The company has a debt-to-equity ratio of 0.06, a current ratio of 14.14 and a quick ratio of 13.93. Rivian Automotive has a twelve month low of 19.25 and a twelve month high of 179.47.

Rivian Automotive (NASDAQ:RIVNGet Rating) last released its earnings results on Wednesday, May 11th. The electric vehicle automaker reported -1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of -1.46 by 0.03. As a group, analysts forecast that Rivian Automotive will post -6.37 EPS for the current year.

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

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Amazon com Inc bought a new stake in shares of Rivian Automotive in the 4th quarter valued at about $16,420,746,000. Coatue Management LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $3,652,616,000. BlackRock Inc. acquired a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $3,195,595,000. Capital Research Global Investors acquired a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $2,562,520,000. Finally, Soros Fund Management LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $2,056,770,000. 78.67% of the stock is owned by hedge funds and other institutional investors.

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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