Canaccord Genuity Group Lowers Rivian Automotive (NASDAQ:RIVN) Price Target to $28.00

Rivian Automotive (NASDAQ:RIVN) had its target price reduced by Canaccord Genuity Group from $30.00 to $28.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have a buy rating on the electric vehicle automaker’s stock.

Several other analysts also recently weighed in on RIVN. Truist Financial lifted their target price on Rivian Automotive from $13.00 to $16.00 and gave the stock a hold rating in a research report on Friday, August 2nd. Wolfe Research assumed coverage on Rivian Automotive in a report on Thursday, September 5th. They issued a peer perform rating on the stock. Cantor Fitzgerald restated an overweight rating and issued a $19.00 price target on shares of Rivian Automotive in a report on Monday, September 30th. Guggenheim started coverage on Rivian Automotive in a research report on Tuesday, June 25th. They issued a buy rating and a $18.00 price objective for the company. Finally, Needham & Company LLC dropped their target price on shares of Rivian Automotive from $20.00 to $18.00 and set a buy rating on the stock in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $17.68.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $10.26 on Monday. The firm’s fifty day moving average is $12.86 and its 200 day moving average is $12.26. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $24.61. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The company has a market cap of $10.34 billion, a price-to-earnings ratio of -1.78 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. Sell-side analysts forecast that Rivian Automotive will post -4.92 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 241,305 shares of company stock valued at $3,369,273 in the last ninety days. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. raised its position in shares of Rivian Automotive by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after buying an additional 604 shares during the period. First Horizon Advisors Inc. raised its stake in 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 buying an additional 670 shares in the last quarter. GAMMA Investing LLC lifted its stake in Rivian Automotive by 28.0% during the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock worth $47,000 after purchasing an additional 760 shares during the last quarter. Certuity LLC lifted its position in shares of Rivian Automotive by 8.1% during the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after buying an additional 815 shares during the last quarter. Finally, Sanders Morris Harris LLC boosted its stake in Rivian Automotive by 8.9% in the second quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock valued at $136,000 after acquiring an additional 823 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.