Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $15.00

Rivian Automotive (NASDAQ:RIVN - Free Report) had its price target reduced by Cantor Fitzgerald from $23.00 to $15.00 in a research report sent to investors on Wednesday, Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the electric vehicle automaker's stock.

Several other equities analysts also recently commented on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a hold rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Truist Financial reiterated a hold rating and issued a $10.00 price objective (down from $11.00) on shares of Rivian Automotive in a research report on Thursday, May 2nd. Robert W. Baird dropped their price target on Rivian Automotive from $30.00 to $23.00 and set an outperform rating for the company in a research note on Thursday, February 22nd. Jefferies Financial Group began coverage on shares of Rivian Automotive in a report on Thursday, March 7th. They issued a buy rating and a $16.00 price target on the stock. Finally, Evercore ISI cut their target price on shares of Rivian Automotive from $35.00 to $25.00 and set an outperform rating on the stock in a research note on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $19.00.

Rivian Automotive Trading Up 0.2 %

Shares of RIVN traded up $0.02 during trading hours on Wednesday, hitting $10.27. The company had a trading volume of 67,514,815 shares, compared to its average volume of 42,794,668. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48. The stock's 50 day moving average price is $10.37 and its 200 day moving average price is $15.04. The firm has a market cap of $10.04 billion, a P/E ratio of -1.76 and a beta of 1.91. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $28.06.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The firm had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.28 billion. On average, research analysts predict that Rivian Automotive will post -4.77 EPS for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the sale, the chief accounting officer now owns 52,415 shares of the company's stock, valued at approximately $690,829.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Kjell Gruner sold 19,935 shares of the business'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 transaction of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jeff Baker sold 31,425 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the transaction, the chief accounting officer now owns 52,415 shares in the company, valued at $690,829.70. The disclosure for this sale can be found here. Insiders have sold a total of 54,306 shares of company stock worth $717,274 over the last quarter. Company insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of RIVN. Price T Rowe Associates Inc. MD lifted its position in Rivian Automotive by 35.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker's stock valued at $2,277,304,000 after purchasing an additional 25,550,489 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Rivian Automotive by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker's stock valued at $1,602,629,000 after acquiring an additional 4,467,881 shares during the period. Baillie Gifford & Co. grew its stake in shares of Rivian Automotive by 714.3% during the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker's stock valued at $277,046,000 after acquiring an additional 22,194,018 shares during the period. Morgan Stanley raised its stake in Rivian Automotive by 14.0% during the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker's stock worth $235,409,000 after acquiring an additional 1,193,650 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Rivian Automotive by 1,521.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker's stock worth $69,291,000 after acquiring an additional 5,937,605 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.