Rivian Automotive (NASDAQ:RIVN) PT Lowered to $44.00

Rivian Automotive (NASDAQ:RIVN – Get Rating) had its target price trimmed by Truist Financial from $50.00 to $44.00 in a report published on Wednesday morning, The Fly reports. The brokerage currently has a buy rating on the electric vehicle automaker’s stock.

RIVN has been the topic of several other reports. Evercore ISI began coverage on shares of Rivian Automotive in a research note on Tuesday, November 29th. They issued an in-line rating and a $35.00 price target on the stock. The Goldman Sachs Group decreased their price target on shares of Rivian Automotive from $41.00 to $19.00 in a research note on Tuesday, January 10th. DA Davidson reduced their price objective on shares of Rivian Automotive from $27.00 to $23.00 and set an underperform rating on the stock in a research note on Thursday, November 10th. Wedbush reiterated an outperform rating and set a $37.00 price objective on shares of Rivian Automotive in a research note on Tuesday, February 28th. Finally, Piper Sandler reduced their price objective on shares of Rivian Automotive from $83.00 to $63.00 and set an overweight rating on the stock in a research note on Thursday, November 10th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $35.24.

Rivian Automotive Price Performance

Shares of RIVN opened at $16.92 on Wednesday. The firm has a market capitalization of $15.58 billion, a PE ratio of -2.28 and a beta of 1.83. The company’s 50-day moving average is $18.28 and its 200-day moving average is $27.14. Rivian Automotive has a fifty-two week low of $15.08 and a fifty-two week high of $56.76. The company has a debt-to-equity ratio of 0.09, a current ratio of 5.42 and a quick ratio of 6.39.

Rivian Automotive (NASDAQ:RIVN – Get Rating) last issued its quarterly earnings data on Tuesday, February 28th. The electric vehicle automaker reported ($1.73) earnings per share for the quarter, beating the consensus estimate of ($1.89) by $0.16. The company had revenue of $663.00 million for the quarter, compared to analyst estimates of $729.47 million. Rivian Automotive had a negative net margin of 407.24% and a negative return on equity of 37.49%. The company’s revenue was up 1127.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($2.43) earnings per share. Equities analysts forecast that Rivian Automotive will post -5.24 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, CAO Jeff Baker sold 2,331 shares of the firm’s stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $18.98, for a total value of $44,242.38. Following the completion of the transaction, the chief accounting officer now owns 87,000 shares in the company, valued at approximately $1,651,260. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Rivian Automotive news, CAO Jeff Baker sold 2,331 shares of the firm’s stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $18.98, for a total transaction of $44,242.38. Following the completion of the transaction, the chief accounting officer now owns 87,000 shares in the company, valued at approximately $1,651,260. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 2,090 shares of the firm’s stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $18.99, for a total transaction of $39,689.10. Following the transaction, the chief financial officer now owns 75,804 shares of the company’s stock, valued at approximately $1,439,517.96. The disclosure for this sale can be found here. 2.34% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

Several hedge funds have recently modified their holdings of the stock. Milestone Wealth LLC increased its stake in shares of Rivian Automotive by 38.5% in the 2nd quarter. Milestone Wealth LLC now owns 1,385 shares of the electric vehicle automaker’s stock valued at $36,000 after acquiring an additional 385 shares in the last quarter. Quadrant Capital Group LLC increased its stake in shares of Rivian Automotive by 97.8% in the 3rd quarter. Quadrant Capital Group LLC now owns 979 shares of the electric vehicle automaker’s stock valued at $32,000 after acquiring an additional 484 shares in the last quarter. Eaton Vance Management increased its stake in shares of Rivian Automotive by 6.8% in the 1st quarter. Eaton Vance Management now owns 7,843 shares of the electric vehicle automaker’s stock valued at $394,000 after acquiring an additional 497 shares in the last quarter. Gould Capital LLC increased its stake in shares of Rivian Automotive by 175.4% in the 3rd quarter. Gould Capital LLC now owns 785 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 500 shares in the last quarter. Finally, D.A. Davidson & CO. increased its stake in shares of Rivian Automotive by 9.1% in the 1st quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock valued at $310,000 after acquiring an additional 515 shares in the last quarter. Institutional investors own 67.97% of the company’s stock.

About Rivian Automotive

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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.