Wells Fargo & Company Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $11.00

Rivian Automotive (NASDAQ:RIVN) had its target price decreased by Wells Fargo & Company from $15.00 to $11.00 in a research note published on Tuesday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the electric vehicle automaker’s stock.

Several other brokerages also recently commented on RIVN. Royal Bank of Canada reiterated a “sector perform” rating and set a $15.00 price target on shares of Rivian Automotive in a report on Friday, August 16th. Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Guggenheim initiated coverage on Rivian Automotive in a report on Tuesday, June 25th. They set a “buy” rating and a $18.00 price target on the stock. DA Davidson increased their price target on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Friday, June 28th. Finally, Needham & Company LLC lowered their price target on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $17.18.

Rivian Automotive Price Performance

Shares of RIVN opened at $10.04 on Tuesday. The firm has a market cap of $10.12 billion, a PE ratio of -1.70 and a beta of 2.03. The firm’s 50 day moving average price is $12.43 and its 200 day moving average price is $12.25. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $24.61.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data 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 business had revenue of $1.16 billion for the quarter, compared to the consensus estimate 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, research analysts expect that Rivian Automotive will post -4.88 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total transaction of $1,215,721.58. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $15,482,940.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $17.02, for a total value of $1,215,721.58. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $15,482,940.82. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 241,305 shares of company stock worth $3,369,273 over the last 90 days. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. V Square Quantitative Management LLC raised its holdings in Rivian Automotive by 68.9% during the 4th quarter. V Square Quantitative Management LLC now owns 7,213 shares of the electric vehicle automaker’s stock worth $169,000 after purchasing an additional 2,942 shares during the last quarter. Trust Co. of Vermont grew its position in shares of Rivian Automotive by 37.9% during the 4th quarter. Trust Co. of Vermont now owns 6,049 shares of the electric vehicle automaker’s stock worth $142,000 after buying an additional 1,664 shares during the period. Vanguard Group Inc. grew its position in shares of Rivian Automotive by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after purchasing an additional 4,467,881 shares during the period. B. Riley Wealth Advisors Inc. grew its position in shares of Rivian Automotive by 61.4% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 33,717 shares of the electric vehicle automaker’s stock valued at $791,000 after purchasing an additional 12,832 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in shares of Rivian Automotive by 20.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 36,575 shares of the electric vehicle automaker’s stock valued at $858,000 after purchasing an additional 6,295 shares during the period. 66.25% of the stock is 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.