Rivian Automotive (NASDAQ:RIVN) Price Target Lowered to $10.00 at JPMorgan Chase & Co.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its price objective lowered by JPMorgan Chase & Co. from $11.00 to $10.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an "underweight" rating on the electric vehicle automaker's stock. JPMorgan Chase & Co.'s target price points to a potential downside of 20.76% from the company's current price.

Several other research analysts have also issued reports on the stock. The Goldman Sachs Group cut their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Bank of America cut Rivian Automotive from a "neutral" rating to an "underperform" rating and decreased their price objective for the company from $13.00 to $10.00 in a report on Monday, February 24th. Cowen initiated coverage on Rivian Automotive in a research note on Thursday, March 6th. They issued a "hold" rating for the company. UBS Group decreased their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Finally, Sanford C. Bernstein started coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price objective for the company. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $14.08.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock traded up $0.53 during trading hours on Friday, reaching $12.62. The company had a trading volume of 24,445,614 shares, compared to its average volume of 36,524,350. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm has a market cap of $14.27 billion, a PE ratio of -2.67 and a beta of 1.89. Rivian Automotive has a one year low of $8.84 and a one year high of $18.86. The business has a fifty day simple moving average of $11.71 and a 200 day simple moving average of $12.12.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion for the quarter, compared to analysts' expectations 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, analysts anticipate that Rivian Automotive will post -3.2 earnings per share for the current fiscal 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 on Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the transaction, the chief executive officer now owns 853,011 shares in the company, valued at approximately $10,082,590.02. The trade was a 7.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction dated Wednesday, February 19th. The shares were 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 in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 185,427 shares of company stock valued at $2,154,905. Company insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RIVN. Dimension Capital Management LLC boosted its holdings in shares of Rivian Automotive by 5.5% in the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock worth $208,000 after purchasing an additional 819 shares during the period. Tradition Wealth Management LLC grew its holdings in Rivian Automotive by 7.2% during the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock valued at $168,000 after purchasing an additional 849 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Rivian Automotive by 1.5% during the first quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker's stock valued at $750,000 after buying an additional 867 shares during the last quarter. RFG Holdings Inc. raised its holdings in shares of Rivian Automotive by 5.2% in the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker's stock worth $296,000 after buying an additional 1,096 shares during the period. Finally, Oppenheimer & Co. Inc. lifted its stake in shares of Rivian Automotive by 4.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock worth $354,000 after acquiring an additional 1,160 shares during the last quarter. 66.25% of the stock is currently 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.