Rivian Automotive (NASDAQ:RIVN) Given New $19.00 Price Target at Piper Sandler

Rivian Automotive (NASDAQ:RIVN - Free Report) had its price target decreased by Piper Sandler from $21.00 to $19.00 in a research note released on Friday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the electric vehicle automaker's stock.

RIVN has been the topic of several other research reports. Wolfe Research started coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They issued a "peer perform" rating on the stock. Canaccord Genuity Group cut their price objective on Rivian Automotive from $30.00 to $28.00 and set a "buy" rating for the company in a report on Monday, October 7th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $14.00 target price on shares of Rivian Automotive in a research note on Tuesday, September 10th. Guggenheim cut their price target on Rivian Automotive from $21.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday. Finally, JPMorgan Chase & Co. lowered their price target on Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating for the company in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $15.77.

Rivian Automotive Stock Performance

Shares of RIVN traded up $0.63 during midday trading on Friday, hitting $10.68. 51,522,586 shares of the stock traded hands, compared to its average volume of 38,906,352. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $24.61. The business's 50 day moving average price is $11.43 and its two-hundred day moving average price is $12.30. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The firm has a market capitalization of $10.77 billion, a PE ratio of -1.71 and a beta of 2.04.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The business had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. Equities research analysts predict that Rivian Automotive will post -4.84 EPS for the current fiscal year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at $12,127,675.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares of the company's stock, valued at $12,127,675.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares of the company's stock, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 169,876 shares of company stock worth $2,153,551 in the last quarter. Corporate insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RIVN. Norden Group LLC acquired a new stake in Rivian Automotive during the 1st quarter valued at approximately $132,000. Private Advisor Group LLC raised its stake in Rivian Automotive by 3.1% during the first quarter. Private Advisor Group LLC now owns 48,243 shares of the electric vehicle automaker's stock worth $528,000 after buying an additional 1,432 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in Rivian Automotive by 19.4% in the first quarter. Janney Montgomery Scott LLC now owns 171,243 shares of the electric vehicle automaker's stock valued at $1,875,000 after buying an additional 27,784 shares during the period. Empowered Funds LLC bought a new stake in Rivian Automotive during the first quarter valued at $111,000. Finally, Forsta AP Fonden raised its position in shares of Rivian Automotive by 14.2% in the 1st quarter. Forsta AP Fonden now owns 139,400 shares of the electric vehicle automaker's stock worth $1,526,000 after acquiring an additional 17,300 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

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.