JPMorgan Chase & Co. Lowers Rivian Automotive (NASDAQ:RIVN) Price Target to $9.00

Key Points

• JPMorgan Chase & Co. has lowered its price target for Rivian Automotive from $10.00 to $9.00, issuing an "underweight" rating, which implies a potential downside of 22.68% from its current price.
• Several analysts have varying opinions on Rivian, with one firm increasing its price target to $18.00, while others have cut their targets, leading to a consensus rating of "Hold" and an average price target of $13.82.
• Rivian Automotive reported a quarterly loss greater than expected, with earnings per share of ($0.97), missing estimates by ($0.32), despite experiencing a 12.5% year-on-year revenue increase to $1.30 billion.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its target price lowered by investment analysts at JPMorgan Chase & Co. from $10.00 to $9.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an "underweight" rating on the electric vehicle automaker's stock. JPMorgan Chase & Co.'s price objective indicates a potential downside of 22.68% from the stock's current price.

Several other research firms have also recently issued reports on RIVN. Stifel Nicolaus increased their price target on Rivian Automotive from $16.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Guggenheim lowered Rivian Automotive from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Robert W. Baird dropped their price target on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Piper Sandler upped their target price on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Finally, UBS Group dropped their target price on Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Wednesday. Four investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $13.82.

Rivian Automotive Trading Down 4.2%

Shares of NASDAQ RIVN traded down $0.51 during midday trading on Wednesday, hitting $11.64. The stock had a trading volume of 67,008,561 shares, compared to its average volume of 33,020,074. The company has a market capitalization of $13.16 billion, a price-to-earnings ratio of -3.13 and a beta of 1.80. Rivian Automotive has a 1-year low of $9.50 and a 1-year high of $17.15. The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71. The company has a fifty day moving average price of $13.56 and a 200 day moving average price of $13.00.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.32). Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The business had revenue of $1.30 billion for the quarter, compared to analysts' expectations of $1.27 billion. During the same quarter in the prior year, the firm earned ($1.46) earnings per share. Rivian Automotive's revenue for the quarter was up 12.5% compared to the same quarter last year. On average, analysts predict that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 17,185 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the transaction, the chief financial officer owned 824,875 shares of the company's stock, valued at $12,694,826.25. The trade was a 2.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 107,144 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $15.25, for a total value of $1,633,946.00. Following the transaction, the chief executive officer directly owned 1,483,111 shares in the company, valued at approximately $22,617,442.75. This trade represents a 6.74% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 205,694 shares of company stock worth $3,144,612. Company 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 company. Teacher Retirement System of Texas bought a new stake in shares of Rivian Automotive during the first quarter worth approximately $1,382,000. Twinbeech Capital LP acquired a new position in Rivian Automotive in the 4th quarter valued at $29,944,000. Symmetry Investments LP bought a new stake in shares of Rivian Automotive during the 4th quarter valued at $357,000. Mmbg Investment Advisors CO. bought a new stake in shares of Rivian Automotive during the 1st quarter valued at $274,000. Finally, Impax Asset Management Group plc bought a new stake in shares of Rivian Automotive during the 1st quarter valued at $5,602,000. Institutional investors own 66.25% of the company's stock.

About Rivian Automotive

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.