Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $12.00 by Analysts at Mizuho

Rivian Automotive (NASDAQ:RIVN) had its target price cut by research analysts at Mizuho from $15.00 to $12.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “neutral” rating on the electric vehicle automaker’s stock. Mizuho’s price target would indicate a potential upside of 17.65% from the stock’s previous close.

Several other equities research analysts have also issued reports on the stock. Wells Fargo & Company dropped their target price on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. UBS Group reduced their target price on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Needham & Company LLC dropped their price target on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Truist Financial decreased their price target on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a research note on Wednesday, October 16th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a report on Monday, September 30th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus target price of $16.95.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $10.20 on Monday. The company’s 50 day simple moving average is $11.75 and its two-hundred day simple moving average is $12.31. The stock has a market capitalization of $10.28 billion, a PE ratio of -1.71 and a beta of 2.04. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $24.61.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) 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%. Analysts predict that Rivian Automotive will post -4.84 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction 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 trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 169,876 shares of company stock valued at $2,153,551. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds have recently bought and sold shares of the business. Quent Capital LLC grew its position in Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 2,380 shares during the period. GHP Investment Advisors Inc. lifted its position in Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares during the last quarter. American Capital Advisory LLC boosted its stake in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after buying an additional 2,111 shares during the period. Finally, International Assets Investment Management LLC purchased a new stake in shares of Rivian Automotive in the second quarter valued at $37,000. 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.