Rivian Automotive (NASDAQ:RIVN) Price Target Lowered to $11.00 at Mizuho

Rivian Automotive (NASDAQ:RIVN) had its price objective cut by Mizuho from $13.00 to $11.00 in a report issued on Monday morning,Benzinga reports. They currently have a neutral rating on the electric vehicle automaker’s stock.

A number of other research analysts have also recently weighed in on RIVN. Sanford C. Bernstein began coverage on Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective on the stock. Wells Fargo & Company lifted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Friday, February 21st. Truist Financial lifted their price objective on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Bank of America cut Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Finally, UBS Group boosted their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Three research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus target price of $14.64.

Rivian Automotive Trading Up 1.4 %

Rivian Automotive stock opened at $11.36 on Monday. The business has a 50-day simple moving average of $12.52 and a two-hundred day simple moving average of $12.20. The company has a market cap of $12.84 billion, a P/E ratio of -2.41 and a beta of 2.03. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $18.86. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Analysts predict that Rivian Automotive will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock valued at $2,735,619 in the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently modified their holdings of RIVN. Charles Schwab Investment Management Inc. grew its position in Rivian Automotive by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock valued at $63,055,000 after acquiring an additional 133,781 shares during the last quarter. SG Americas Securities LLC grew its position in Rivian Automotive by 42.7% in the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock valued at $2,404,000 after acquiring an additional 54,053 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in Rivian Automotive in the 4th quarter valued at $1,382,000. Alberta Investment Management Corp bought a new position in Rivian Automotive in the 4th quarter valued at $6,648,000. Finally, Illinois Municipal Retirement Fund grew its position in Rivian Automotive by 36.6% in the 4th quarter. Illinois Municipal Retirement Fund now owns 148,423 shares of the electric vehicle automaker’s stock valued at $1,974,000 after acquiring an additional 39,751 shares during the last quarter. 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.