Rivian Automotive (NASDAQ:RIVN) Price Target Lowered to $21.00 at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group has lowered its target price for Rivian Automotive from $23.00 to $21.00, suggesting a potential upside of 78.95% from its previous close.
• Rivian's recent earnings report showed a loss of $0.97 per share, which missed analysts' expectations, despite a revenue increase to $1.30 billion compared to estimates.
• Insiders, including the CFO and CEO, have sold shares in Rivian recently, with significant reductions in their ownership percentages, raising concerns among investors.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its target price lowered by research analysts at Canaccord Genuity Group from $23.00 to $21.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the electric vehicle automaker's stock. Canaccord Genuity Group's price objective would indicate a potential upside of 75.51% from the stock's current price.

Several other analysts have also weighed in on RIVN. Cantor Fitzgerald reissued a "neutral" rating and set a $15.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 7th. UBS Group cut their price objective on Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a report on Wednesday. The Goldman Sachs Group decreased their price objective on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. JPMorgan Chase & Co. dropped their price target on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. Finally, Needham & Company LLC decreased their price target on shares of Rivian Automotive from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Wednesday. Four research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $13.82.

Rivian Automotive Trading Up 2.8%

Shares of Rivian Automotive stock traded up $0.33 on Wednesday, reaching $11.97. 18,540,987 shares of the company were exchanged, compared to its average volume of 32,916,156. Rivian Automotive has a fifty-two week low of $9.50 and a fifty-two week high of $17.15. The stock has a fifty day moving average price of $13.48 and a 200-day moving average price of $12.99. The firm has a market capitalization of $13.53 billion, a price-to-earnings ratio of -3.70 and a beta of 1.80. The company has a current ratio of 3.73, a quick ratio of 2.80 and a debt-to-equity ratio of 0.71.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32). The firm had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative return on equity of 57.72% and a negative net margin of 68.06%. The company's quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.46) EPS. On average, analysts expect that Rivian Automotive will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,428 shares of Rivian Automotive stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the transaction, the chief executive officer owned 1,483,111 shares in the company, valued at $22,780,584.96. This trade represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 17,185 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction of $264,477.15. Following the sale, the chief financial officer owned 824,875 shares in the company, valued at $12,694,826.25. The trade was a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 205,694 shares of company stock worth $3,144,612. Corporate insiders own 2.16% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Rivian Automotive by 103.8% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,196,703 shares of the electric vehicle automaker's stock worth $30,183,000 after purchasing an additional 1,118,641 shares during the period. Prospera Financial Services Inc bought a new position in shares of Rivian Automotive in the second quarter valued at approximately $206,000. Achmea Investment Management B.V. purchased a new position in Rivian Automotive during the second quarter valued at approximately $6,520,000. Resona Asset Management Co. Ltd. increased its holdings in Rivian Automotive by 7.9% during the 2nd quarter. Resona Asset Management Co. Ltd. now owns 254,223 shares of the electric vehicle automaker's stock worth $3,489,000 after acquiring an additional 18,652 shares during the period. Finally, Atlantic Union Bankshares Corp purchased a new stake in Rivian Automotive in the 2nd quarter worth approximately $54,000. 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.