Rivian Automotive (NASDAQ:RIVN - Get Free Report) was downgraded by equities researchers at Bank of America from a "buy" rating to a "neutral" rating in a report released on Friday, Marketbeat Ratings reports. They presently have a $13.00 price target on the electric vehicle automaker's stock, down from their previous price target of $20.00. Bank of America's price target indicates a potential upside of 22.99% from the company's current price.
A number of other research firms also recently commented on RIVN. Robert W. Baird cut their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a research report on Friday. Canaccord Genuity Group lowered their target price on Rivian Automotive from $30.00 to $28.00 and set a "buy" rating for the company in a report on Monday, October 7th. Wedbush reiterated an "outperform" rating and issued a $20.00 target price on shares of Rivian Automotive in a report on Wednesday, August 7th. Wells Fargo & Company lowered their target price on shares of Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating for the company in a research note on Tuesday, October 15th. Finally, Barclays lowered their price objective on Rivian Automotive from $16.00 to $13.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $15.77.
Check Out Our Latest Research Report on Rivian Automotive
Rivian Automotive Trading Up 5.2 %
NASDAQ RIVN traded up $0.52 on Friday, hitting $10.57. 58,299,848 shares of the stock were exchanged, compared to its average volume of 38,937,582. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $24.61. The firm has a market capitalization of $10.66 billion, a P/E ratio of -1.71 and a beta of 2.04. The stock has a fifty day moving average price of $11.43 and a two-hundred day moving average price of $12.30.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts' consensus estimates of ($1.25) by ($0.14). The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. Research analysts forecast that Rivian Automotive will post -4.84 EPS for the current fiscal year.
Insider Transactions at Rivian Automotive
In related news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Friday, August 16th. The stock was 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 directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Thursday, September 12th. The shares were 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 owns 886,526 shares of the company's stock, valued at approximately $12,127,675.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the firm's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 169,876 shares of company stock valued at $2,153,551 over the last quarter. Company insiders own 2.51% of the company's stock.
Institutional Investors Weigh In On Rivian Automotive
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quent Capital LLC grew its position in Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker's stock worth $26,000 after buying an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker's stock valued at $29,000 after purchasing an additional 2,380 shares in the last quarter. GHP Investment Advisors Inc. lifted its position in Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock worth $29,000 after purchasing an additional 1,002 shares during the period. American Capital Advisory LLC lifted its stake in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker's stock worth $33,000 after purchasing an additional 2,111 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in shares of Rivian Automotive in the 2nd quarter valued at $37,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.
Rivian Automotive Company Profile
(
Get Free Report)
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.
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