Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $10.00

Rivian Automotive (NASDAQ:RIVN) had its price target decreased by equities researchers at Wells Fargo & Company from $14.00 to $10.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the electric vehicle automaker’s stock. Wells Fargo & Company‘s price target would suggest a potential downside of 2.15% from the company’s previous close.

A number of other research analysts have also issued reports on RIVN. The Goldman Sachs Group lowered their target price on shares of Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, January 25th. Evercore ISI dropped their price objective on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. Morgan Stanley decreased their target price on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a research note on Thursday, April 4th. UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price target for the company in a report on Tuesday, April 16th. Finally, JPMorgan Chase & Co. lowered shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $20.00 to $11.00 in a research report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $19.00.

Rivian Automotive Trading Down 0.5 %

Rivian Automotive stock opened at $10.22 on Wednesday. Rivian Automotive has a one year low of $8.26 and a one year high of $28.06. The company’s fifty day moving average price is $10.33 and its two-hundred day moving average price is $14.97. The company has a market capitalization of $9.99 billion, a price-to-earnings ratio of -1.78 and a beta of 1.91. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. On average, analysts forecast that Rivian Automotive will post -4.77 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the transaction, the chief financial officer now owns 155,749 shares in the company, valued at $2,523,133.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the sale, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares in the company, valued at $2,523,133.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,306 shares of company stock valued at $717,274. 2.30% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its position in Rivian Automotive by 35.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after buying an additional 25,550,489 shares during the last quarter. Vanguard Group Inc. increased its position in Rivian Automotive by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after purchasing an additional 4,467,881 shares during the period. Baillie Gifford & Co. raised its holdings in Rivian Automotive by 714.3% during the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after purchasing an additional 22,194,018 shares during the last quarter. Morgan Stanley lifted its position in Rivian Automotive by 14.0% during the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after purchasing an additional 1,193,650 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Rivian Automotive by 1,521.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after purchasing an additional 5,937,605 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.