Mizuho Lowers Rivian Automotive (NASDAQ:RIVN) Price Target to $11.00

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its price target decreased by investment analysts at Mizuho from $13.00 to $11.00 in a research note issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the electric vehicle automaker's stock. Mizuho's price objective would indicate a potential upside of 1.10% from the stock's previous close.

Other equities analysts have also recently issued research reports about the stock. Baird R W cut shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 18th. Sanford C. Bernstein initiated coverage on Rivian Automotive in a research report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 price objective for the company. TD Cowen began coverage on Rivian Automotive in a research report on Friday, March 7th. They issued a "hold" rating and a $12.70 target price on the stock. Cowen initiated coverage on shares of Rivian Automotive in a report on Thursday, March 6th. They set a "hold" rating for the company. Finally, Bank of America downgraded shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and cut their price objective for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $14.38.

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Rivian Automotive Stock Performance

Shares of RIVN traded down $0.48 during mid-day trading on Monday, hitting $10.88. The stock had a trading volume of 29,282,103 shares, compared to its average volume of 36,900,558. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $18.86. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a market cap of $12.30 billion, a PE ratio of -2.31 and a beta of 2.03. The company's fifty day simple moving average is $12.52 and its two-hundred day simple moving average is $12.20.

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

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 35,713 shares of the business's stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at $11,879,847.36. The trade was a 3.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the company's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, 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 have sold 185,427 shares of company stock worth $2,735,619 in the last three months. 2.51% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently made changes to their positions in the business. Tandem Financial LLC acquired a new stake in shares of Rivian Automotive during the fourth quarter worth approximately $25,000. Bank of Jackson Hole Trust acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at $27,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive during the 3rd quarter valued at $28,000. Hantz Financial Services Inc. grew its holdings in shares of Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker's stock valued at $34,000 after acquiring an additional 2,900 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new position in shares of Rivian Automotive in the fourth quarter worth $34,000. 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.