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

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its target price decreased by equities researchers at Guggenheim from $21.00 to $18.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a "buy" rating on the electric vehicle automaker's stock. Guggenheim's target price points to a potential upside of 85.38% from the stock's previous close.

RIVN has been the topic of several other research reports. JPMorgan Chase & Co. lowered their price target on shares of Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating on the stock in a research report on Tuesday, October 22nd. UBS Group lowered their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 7th. Wells Fargo & Company decreased their target price on shares of Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $14.00 target price on shares of Rivian Automotive in a research report on Tuesday, September 10th. Finally, Barclays decreased their target price on shares of Rivian Automotive from $16.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $16.95.

Rivian Automotive Trading Down 8.3 %

Shares of RIVN stock traded down $0.88 on Wednesday, hitting $9.71. 69,172,419 shares of the stock traded hands, compared to its average volume of 38,760,746. The firm's 50-day moving average price is $11.51 and its two-hundred day moving average price is $12.32. 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 stock has a market capitalization of $9.79 billion, a PE ratio of -1.63 and a beta of 2.04. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $24.61.

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

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 83,333 shares of the company's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on 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 directly owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 169,876 shares of company stock worth $2,153,551. Company insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds have recently added to or reduced their stakes in the stock. Quent Capital LLC increased its stake in Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker's stock valued at $26,000 after purchasing an additional 831 shares during the last quarter. GHP Investment Advisors Inc. boosted its holdings in shares of 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 valued at $29,000 after acquiring an additional 1,002 shares during the period. EverSource Wealth Advisors LLC boosted its holdings 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 acquiring an additional 2,380 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of Rivian Automotive in the second quarter valued at approximately $37,000. Finally, First Horizon Advisors Inc. boosted its holdings in shares of Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker's stock valued at $38,000 after acquiring an additional 670 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.