Mizuho Issues Pessimistic Forecast for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN - Free Report) had its price objective cut by Mizuho from $11.00 to $10.00 in a report released on Thursday morning,Benzinga reports. They currently have a neutral rating on the electric vehicle automaker's stock.

RIVN has been the subject of several other research reports. Wells Fargo & Company lifted their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Friday, February 21st. Guggenheim cut their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Monday, February 24th. Barclays boosted their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a report on Wednesday, January 22nd. Needham & Company LLC increased their target price on Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Finally, Sanford C. Bernstein started coverage on Rivian Automotive in a research note on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price target for the company. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $14.25.

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Rivian Automotive Trading Up 3.4 %

Shares of NASDAQ RIVN traded up $0.39 during midday trading on Thursday, hitting $11.86. 13,133,193 shares of the company traded hands, compared to its average volume of 36,926,146. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $18.86. The firm has a market cap of $13.41 billion, a P/E ratio of -2.51 and a beta of 1.89. The stock has a 50-day moving average price of $11.99 and a 200 day moving average price of $12.06. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. As a group, analysts expect that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the transaction, the chief executive officer now owns 853,011 shares in the company, valued at approximately $9,596,373.75. This trade represents a 7.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,237,044 in the last quarter. 2.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company lifted its position in shares of Rivian Automotive by 6.0% during the third quarter. The Manufacturers Life Insurance Company now owns 76,651 shares of the electric vehicle automaker's stock worth $860,000 after purchasing an additional 4,338 shares during the last quarter. Captrust Financial Advisors increased its position in shares of Rivian Automotive by 19.4% during the third quarter. Captrust Financial Advisors now owns 41,474 shares of the electric vehicle automaker's stock worth $465,000 after acquiring an additional 6,738 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Rivian Automotive by 107.6% in the third quarter. Janus Henderson Group PLC now owns 86,241 shares of the electric vehicle automaker's stock valued at $968,000 after purchasing an additional 44,700 shares during the period. Quantinno Capital Management LP purchased a new stake in shares of Rivian Automotive in the 3rd quarter worth $183,000. Finally, EP Wealth Advisors LLC bought a new stake in shares of Rivian Automotive in the 3rd quarter valued at about $129,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

Rivian Automotive Company Profile

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.