The Goldman Sachs Group Issues Pessimistic Forecast for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN - Free Report) had its price objective lowered by The Goldman Sachs Group from $14.00 to $12.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the electric vehicle automaker's stock.

A number of other equities research analysts have also weighed in on RIVN. Bank of America lowered Rivian Automotive from a "neutral" rating to an "underperform" rating and dropped their price target for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. Guggenheim cut their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Monday, February 24th. UBS Group decreased their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday. Wells Fargo & Company boosted their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an "equal weight" rating in a report on Friday, February 21st. Finally, Truist Financial increased their price objective on Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a report on Thursday, January 16th. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, Rivian Automotive presently has a consensus rating of "Hold" and an average target price of $14.25.

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Rivian Automotive Stock Up 4.9 %

NASDAQ:RIVN traded up $0.56 during midday trading on Thursday, reaching $12.03. 26,820,313 shares of the stock traded hands, compared to its average volume of 36,978,328. The stock has a market capitalization of $13.60 billion, a PE ratio of -2.55 and a beta of 1.89. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $18.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The business has a 50-day moving average of $11.99 and a two-hundred day moving average of $12.06.

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

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the 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 sale, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $11.82, for a total transaction of $844,290.78. Following the completion of the transaction, the chief executive officer now directly owns 853,011 shares in the company, valued at $10,082,590.02. This trade represents a 7.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,427 shares of company stock worth $2,237,044. Insiders own 2.51% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in RIVN. The Manufacturers Life Insurance Company grew its stake in shares of Rivian Automotive by 6.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 76,651 shares of the electric vehicle automaker's stock valued at $860,000 after buying an additional 4,338 shares during the period. Captrust Financial Advisors raised its position in Rivian Automotive by 19.4% in the third quarter. Captrust Financial Advisors now owns 41,474 shares of the electric vehicle automaker's stock valued at $465,000 after purchasing an additional 6,738 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Rivian Automotive by 107.6% in the 3rd quarter. Janus Henderson Group PLC now owns 86,241 shares of the electric vehicle automaker's stock valued at $968,000 after purchasing an additional 44,700 shares during the last quarter. Quantinno Capital Management LP acquired a new stake in shares of Rivian Automotive during the 3rd quarter worth about $183,000. Finally, EP Wealth Advisors LLC purchased a new stake in Rivian Automotive in the 3rd quarter valued at about $129,000. 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.