Rivian Automotive (NASDAQ:RIVN – Get Rating) had its price target trimmed by Mizuho from $35.00 to $30.00 in a research note published on Wednesday, The Fly reports.
Other research analysts have also recently issued research reports about the company. Wedbush cut their price objective on Rivian Automotive from $37.00 to $25.00 in a research report on Wednesday, March 1st. Bank of America assumed coverage on shares of Rivian Automotive in a report on Friday, March 10th. They set a buy rating and a $40.00 price objective on the stock. Wells Fargo & Company dropped their target price on shares of Rivian Automotive from $32.00 to $18.00 and set an equal weight rating for the company in a report on Friday, February 24th. Robert W. Baird decreased their price target on Rivian Automotive from $44.00 to $35.00 and set an outperform rating on the stock in a research note on Wednesday, March 1st. Finally, the Evercore ISI dropped their price objective on Rivian Automotive from $35.00 to $25.00 in a research note on Monday, March 6th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $27.74.
Rivian Automotive Stock Down 6.7 %
Shares of NASDAQ:RIVN opened at $12.91 on Wednesday. The company has a market cap of $11.89 billion, a price-to-earnings ratio of -1.82 and a beta of 1.67. Rivian Automotive has a fifty-two week low of $11.68 and a fifty-two week high of $40.86. The firm’s 50-day simple moving average is $13.70 and its 200-day simple moving average is $19.97. The company has a quick ratio of 4.86, a current ratio of 5.42 and a debt-to-equity ratio of 0.09.
Rivian Automotive (NASDAQ:RIVN – Get Rating) last announced its quarterly earnings data on Tuesday, May 9th. The electric vehicle automaker reported earnings per share for the quarter, beating analysts’ consensus estimates of ($1.51) by $0.26. The company had revenue of $661.00 million for the quarter, compared to analyst estimates of $661.97 million. Rivian Automotive had a negative return on equity of 37.49% and a negative net margin of 407.24%. The firm’s revenue for the quarter was up 595.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.43) EPS. As a group, equity research analysts predict that Rivian Automotive will post -5.51 earnings per share for the current year.
Insider Activity at Rivian Automotive
In related news, CAO Jeff Baker sold 2,331 shares of the business’s stock in a transaction dated Wednesday, February 15th. The shares were sold at an average price of $18.98, for a total value of $44,242.38. Following the completion of the transaction, the chief accounting officer now owns 87,000 shares of the company’s stock, valued at approximately $1,651,260. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Rivian Automotive news, CAO Jeff Baker sold 2,331 shares of Rivian Automotive stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $18.98, for a total value of $44,242.38. Following the completion of the sale, the chief accounting officer now directly owns 87,000 shares of the company’s stock, valued at approximately $1,651,260. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed via this hyperlink. Also, CFO Claire Mcdonough sold 2,090 shares of the business’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $18.99, for a total value of $39,689.10. Following the completion of the transaction, the chief financial officer now owns 75,804 shares of the company’s stock, valued at $1,439,517.96. The disclosure for this sale can be found here. Corporate insiders own 2.34% of the company’s stock.
Institutional Trading of Rivian Automotive
Hedge funds have recently added to or reduced their stakes in the business. GPS Wealth Strategies Group LLC acquired a new position in shares of Rivian Automotive during the 1st quarter valued at about $25,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Rivian Automotive by 118.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,626 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 883 shares during the last quarter. Gould Capital LLC grew its stake in shares of Rivian Automotive by 175.4% during the 3rd quarter. Gould Capital LLC now owns 785 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 500 shares during the period. Manchester Capital Management LLC grew its stake in shares of Rivian Automotive by 89.3% during the 1st quarter. Manchester Capital Management LLC now owns 1,687 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 796 shares during the period. Finally, Clearview Wealth Advisors LLC increased its holdings in shares of Rivian Automotive by 254.3% during the 4th quarter. Clearview Wealth Advisors LLC now owns 1,449 shares of the electric vehicle automaker’s stock worth $27,000 after buying an additional 1,040 shares during the last quarter. 67.97% of the stock is owned by institutional investors and hedge funds.
About Rivian Automotive
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Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides a Rivian Commercial Vehicle platform for electric Delivery Vans with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.
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