Rivian Automotive (NASDAQ:RIVN) Stock Price Target Cut by DA Davidson

Key Points

• DA Davidson cut Rivian’s price target from $17 to $15 while maintaining a neutral rating; the new target implies 11.23% upside from the prior close.
• Analyst sentiment is mixed: MarketBeat reports a consensus “Hold” rating and an average price target of $19.50, based on 15 Buy, 7 Hold, and 5 Sell ratings.
• Rivian beat quarterly estimates, posting a loss of $0.48 per share versus analysts’ expected loss of $0.64, and revenue of $2.15 billion versus $2 billion expected.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its price objective dropped by stock analysts at DA Davidson from $17.00 to $15.00 in a research report issued on Friday, Benzinga reports. The firm presently has a "neutral" rating on the electric vehicle automaker's stock. DA Davidson's price target would suggest a potential upside of 11.23% from the company's previous close.

RIVN has been the topic of several other research reports. Needham & Company LLC dropped their price objective on shares of Rivian Automotive from $23.00 to $18.00 and set a "buy" rating on the stock in a research note on Friday, October 30th. Citigroup assumed coverage on shares of Rivian Automotive in a report on Monday, September 14th. They set a "hold" rating and a $18.00 price target on the stock. TD Cowen upped their price target on shares of Rivian Automotive from $20.00 to $21.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Morgan Stanley increased their price objective on Rivian Automotive from $13.00 to $14.00 and gave the stock an "underweight" rating in a report on Friday, July 31st. Finally, Cantor Fitzgerald reduced their price objective on Rivian Automotive from $19.00 to $16.00 and set a "neutral" rating for the company in a research report on Friday, October 30th. Fifteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $19.50.

Rivian Automotive Stock Up 1.5%

NASDAQ:RIVN traded up $0.20 during trading hours on Friday, hitting $13.48. 13,871,141 shares of the stock traded hands, compared to its average volume of 29,487,549. The firm has a 50 day moving average price of $14.27 and a 200 day moving average price of $15.42. The company has a current ratio of 2.18, a quick ratio of 1.70 and a debt-to-equity ratio of 0.78. Rivian Automotive has a fifty-two week low of $11.38 and a fifty-two week high of $22.69. The firm has a market cap of $19.52 billion, a price-to-earnings ratio of -5.98 and a beta of 1.64.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results on Thursday, October 29th. The electric vehicle automaker reported ($0.48) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.64) by $0.16. The company had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2 billion. Rivian Automotive had a negative return on equity of 69.68% and a negative net margin of 45.88%. The company's revenue for the quarter was up 38.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.08) earnings per share. Equities research analysts anticipate that Rivian Automotive will post -2.72 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Michael John Callahan sold 15,000 shares of the firm's stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $15.00, for a total transaction of $225,000.00. Following the transaction, the insider owned 1,001,776 shares of the company's stock, valued at approximately $15,026,640. This trade represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 13,144 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $14.50, for a total transaction of $190,588.00. Following the completion of the sale, the chief financial officer owned 827,201 shares of the company's stock, valued at $11,994,414.50. This trade represents a 1.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 51,167 shares of company stock worth $788,306 in the last 90 days. 1.48% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently modified their holdings of the business. Independent Financial Group LLC acquired a new stake in shares of Rivian Automotive in the first quarter worth $985,000. Baird Financial Group Inc. raised its stake in Rivian Automotive by 163.9% during the 2nd quarter. Baird Financial Group Inc. now owns 289,693 shares of the electric vehicle automaker's stock valued at $5,026,000 after purchasing an additional 179,913 shares during the last quarter. Mizuho Markets Americas LLC raised its stake in Rivian Automotive by 16.1% during the 1st quarter. Mizuho Markets Americas LLC now owns 683,024 shares of the electric vehicle automaker's stock valued at $10,280,000 after purchasing an additional 94,840 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Rivian Automotive in the 2nd quarter valued at $49,915,000. Finally, SEB Asset Management AB bought a new stake in Rivian Automotive in the 1st quarter valued at $2,561,000. Institutional investors and hedge funds own 66.25% of the company's stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an electric vehicle manufacturer that designs, develops and produces all-electric trucks, sport utility vehicles and commercial delivery vans. The company focuses on vehicles intended for outdoor recreation, everyday transportation and fleet use, combining battery-electric powertrains with software and connected-vehicle technologies.

Rivian's consumer vehicle lineup includes the R1T pickup truck and R1S sport utility vehicle. The company also develops electric commercial vans for business and delivery fleets, including vehicles produced through its relationship with Amazon.

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