Barclays Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $24.00

Rivian Automotive (NASDAQ:RIVNGet Rating) had its price objective reduced by equities research analysts at Barclays from $38.00 to $24.00 in a research note issued on Friday, The Fly reports.

Several other equities research analysts have also issued reports on the company. Wolfe Research decreased their target price on Rivian Automotive from $130.00 to $78.00 and set an “outperform” rating for the company in a research report on Friday, March 11th. JPMorgan Chase & Co. decreased their target price on Rivian Automotive from $104.00 to $84.00 in a research report on Wednesday, January 26th. Wedbush decreased their target price on Rivian Automotive from $60.00 to $30.00 in a research report on Thursday. Wells Fargo & Company decreased their target price on Rivian Automotive from $40.00 to $24.00 in a research report on Wednesday. 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 report on Friday, March 11th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of 74.59.

NASDAQ RIVN opened at 24.30 on Friday. The company has a fifty day moving average of 39.06. Rivian Automotive has a 12 month low of 19.25 and a 12 month 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 results on Wednesday, May 11th. The electric vehicle automaker reported -1.43 EPS for the quarter, beating analysts’ consensus estimates of -1.46 by 0.03. Equities analysts expect that Rivian Automotive will post -6.37 EPS for the current year.

In other Rivian Automotive news, major shareholder Motor Co Ford sold 8,000,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, 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 filing with the SEC, which can be accessed through the SEC website.

A number of hedge funds and other institutional investors have recently modified their holdings of RIVN. Sargent Bickham Lagudis LLC bought a new position in Rivian Automotive in the 4th quarter worth about $25,000. Global Wealth Management Investment Advisory Inc. purchased a new position in shares of Rivian Automotive during the fourth quarter worth about $25,000. Perkins Coie Trust Co purchased a new position in shares of Rivian Automotive during the first quarter worth about $25,000. TCTC Holdings LLC purchased a new position in shares of Rivian Automotive during the first quarter worth about $25,000. Finally, Baldwin Brothers LLC MA purchased a new position in shares of Rivian Automotive during the fourth quarter worth about $26,000. Institutional investors and hedge funds own 78.67% of the company’s stock.

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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