Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $12.00

Rivian Automotive (NASDAQ:RIVN) had its target price cut by JPMorgan Chase & Co. from $14.00 to $12.00 in a report released on Tuesday morning, Benzinga reports. They currently have an underweight rating on the electric vehicle automaker’s stock.

Several other equities analysts have also issued reports on RIVN. Needham & Company LLC decreased their price objective on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Wolfe Research assumed coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. Canaccord Genuity Group dropped their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, October 7th. DA Davidson boosted their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, June 28th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $14.00 target price on shares of Rivian Automotive in a report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and a consensus price target of $17.09.

Rivian Automotive Trading Up 2.7 %

Shares of NASDAQ RIVN opened at $10.43 on Tuesday. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $24.61. The stock has a market cap of $10.52 billion, a price-to-earnings ratio of -1.75 and a beta of 2.03. 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’s fifty day moving average is $12.10 and its 200-day moving average is $12.24.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Equities research analysts predict that Rivian Automotive will post -4.88 EPS for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s 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 completion of the sale, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 169,876 shares of company stock valued at $2,153,551 in the last quarter. Company insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Quent Capital LLC lifted its stake in shares of Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Rivian Automotive by 975.4% in the 1st 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. GHP Investment Advisors Inc. lifted its position in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Rivian Automotive during the second quarter worth approximately $37,000. Finally, First Horizon Advisors Inc. grew its position 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 purchasing an additional 670 shares during the last quarter. 66.25% of the stock is owned by 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.