Rivian Automotive (NASDAQ:RIVN) PT Lowered to $10.00

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its target price reduced by stock analysts at Barclays from $12.00 to $10.00 in a report released on Friday, Benzinga reports. The firm currently has an "equal weight" rating on the electric vehicle automaker's stock. Barclays's price target indicates a potential upside of 15.87% from the company's previous close.

RIVN has been the subject of a number of other reports. Mizuho restated a "neutral" rating and set a $12.00 price objective on shares of Rivian Automotive in a research report on Monday, March 25th. Morgan Stanley reduced their target price on shares of Rivian Automotive from $14.00 to $13.00 and set an "overweight" rating for the company in a research report on Thursday, April 4th. Piper Sandler upgraded shares of Rivian Automotive from a "neutral" rating to an "overweight" rating and increased their target price for the company from $15.00 to $21.00 in a research report on Friday, March 15th. Truist Financial reiterated a "hold" rating and issued a $11.00 target price on shares of Rivian Automotive in a research report on Friday, April 12th. Finally, Jefferies Financial Group assumed coverage on shares of Rivian Automotive in a research report on Thursday, March 7th. They issued a "buy" rating and a $16.00 target price for the company. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $19.61.

Rivian Automotive Price Performance

NASDAQ:RIVN traded down $0.20 during trading hours on Friday, reaching $8.63. 26,632,479 shares of the company were exchanged, compared to its average volume of 43,094,066. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. The stock's 50-day moving average is $11.54 and its 200-day moving average is $15.93. The firm has a market cap of $8.44 billion, a PE ratio of -1.50 and a beta of 1.88. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $28.06.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, topping analysts' consensus estimates of ($1.67) by $0.09. The company had revenue of $1.32 billion during the quarter, compared to analysts' expectations of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. On average, sell-side analysts anticipate that Rivian Automotive will post -4.8 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Kjell Gruner sold 19,935 shares of the firm's stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the transaction, the insider now owns 407,787 shares of the company's stock, valued at $5,223,751.47. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the transaction, the chief financial officer now owns 155,749 shares in the company, valued at $2,523,133.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the transaction, the insider now owns 407,787 shares of the company's stock, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,306 shares of company stock valued at $717,274. 2.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Sunbelt Securities Inc. raised its holdings in Rivian Automotive by 195.0% during the second quarter. Sunbelt Securities Inc. now owns 1,475 shares of the electric vehicle automaker's stock worth $25,000 after purchasing an additional 975 shares in the last quarter. Bear Mountain Capital Inc. acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $26,000. Ancora Advisors LLC acquired a new stake in Rivian Automotive during the third quarter worth approximately $27,000. MCF Advisors LLC increased its holdings in shares of Rivian Automotive by 396.8% in the 3rd quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker's stock valued at $30,000 after acquiring an additional 1,000 shares during the period. Finally, Resurgent Financial Advisors LLC acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $30,000. Hedge funds and other 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.