Wells Fargo & Company Trims Rivian Automotive (NASDAQ:RIVN) Target Price to $19.00

Rivian Automotive (NASDAQ:RIVN) had its price objective decreased by Wells Fargo & Company from $24.00 to $19.00 in a research note issued to investors on Wednesday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the electric vehicle automaker’s stock.

RIVN has been the subject of a number of other reports. Canaccord Genuity Group boosted their target price on Rivian Automotive from $40.00 to $44.00 and gave the company a buy rating in a research report on Wednesday, August 9th. BNP Paribas upgraded Rivian Automotive from a neutral rating to an outperform rating and set a $30.00 target price on the stock in a report on Friday, August 11th. Evercore ISI raised shares of Rivian Automotive from an in-line rating to an outperform rating and set a $35.00 price target for the company in a research report on Monday, October 2nd. Mizuho upped their price objective on shares of Rivian Automotive from $30.00 to $32.00 and gave the stock a buy rating in a report on Wednesday, August 9th. Finally, Royal Bank of Canada lifted their price objective on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a sector perform rating in a report on Wednesday, August 9th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $28.95.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $15.40 on Wednesday. The stock has a market capitalization of $14.60 billion, a price-to-earnings ratio of -2.55 and a beta of 2.05. Rivian Automotive has a 52-week low of $11.68 and a 52-week high of $35.74. The company has a debt-to-equity ratio of 0.26, a quick ratio of 4.71 and a current ratio of 4.61. The stock’s 50 day moving average price is $20.07 and its two-hundred day moving average price is $19.12.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, November 7th. The electric vehicle automaker reported ($1.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.61) by $0.17. Rivian Automotive had a negative net margin of 148.97% and a negative return on equity of 42.17%. The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the firm earned ($1.57) earnings per share. Rivian Automotive’s revenue was up 149.4% on a year-over-year basis. On average, equities analysts predict that Rivian Automotive will post -5.86 earnings per share for the current year.

Insider Activity

In related news, CFO Claire Mcdonough sold 3,265 shares of Rivian Automotive stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $24.24, for a total value of $79,143.60. Following the sale, the chief financial officer now owns 173,030 shares of the company’s stock, valued at approximately $4,194,247.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of large investors have recently bought and sold shares of the company. Fifth Third Bancorp increased its holdings in Rivian Automotive by 0.9% in the 2nd quarter. Fifth Third Bancorp now owns 45,078 shares of the electric vehicle automaker’s stock worth $751,000 after acquiring an additional 400 shares during the last quarter. Eaton Vance Management increased its stake in shares of Rivian Automotive by 6.8% in the first quarter. Eaton Vance Management now owns 7,843 shares of the electric vehicle automaker’s stock worth $394,000 after purchasing an additional 497 shares in the last quarter. Gould Capital LLC raised its position in shares of Rivian Automotive by 32.6% in the second quarter. Gould Capital LLC now owns 2,035 shares of the electric vehicle automaker’s stock valued at $34,000 after purchasing an additional 500 shares during the period. D.A. Davidson & CO. lifted its stake in shares of Rivian Automotive by 9.1% during the 1st quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock valued at $310,000 after buying an additional 515 shares in the last quarter. Finally, Nissay Asset Management Corp Japan ADV boosted its holdings in Rivian Automotive by 1.6% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 35,904 shares of the electric vehicle automaker’s stock worth $662,000 after buying an additional 577 shares during the period. 62.79% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles. It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc The company sells its products directly to customers in the consumer and commercial markets.