Rivian Automotive (NASDAQ:RIVN) Given New $10.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has raised its price target for Rivian Automotive from $9.00 to $10.00, maintaining an "underweight" rating, indicating a potential downside of 23.55% from the current stock price.
• Rivian reported its latest quarterly earnings with a loss of $0.97 per share, which was worse than analysts' expectations, although revenue of $1.30 billion exceeded estimates.
• Insider selling activity has been observed, with CEO Robert J. Scaringe and CFO Claire Mcdonough selling shares, raising concerns about insider confidence in the company's performance.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its target price hoisted by research analysts at JPMorgan Chase & Co. from $9.00 to $10.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an "underweight" rating on the electric vehicle automaker's stock. JPMorgan Chase & Co.'s price target suggests a potential downside of 23.55% from the company's current price.

A number of other analysts also recently commented on the company. Cfra Research upgraded Rivian Automotive to a "moderate sell" rating in a report on Thursday, October 2nd. Wedbush dropped their price objective on Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating for the company in a report on Wednesday, August 6th. Wall Street Zen downgraded Rivian Automotive from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. The Goldman Sachs Group upped their price objective on Rivian Automotive from $12.00 to $15.00 and gave the stock a "neutral" rating in a report on Monday, September 29th. Finally, Morgan Stanley lowered their price target on Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating for the company in a report on Wednesday, August 13th. Five equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat, Rivian Automotive has a consensus rating of "Reduce" and a consensus target price of $13.76.

Rivian Automotive Trading Up 0.4%

Rivian Automotive stock traded up $0.05 during trading on Monday, reaching $13.08. The company had a trading volume of 35,581,361 shares, compared to its average volume of 35,951,469. Rivian Automotive has a 12-month low of $9.50 and a 12-month high of $17.15. The stock's 50 day moving average price is $13.60 and its two-hundred day moving average price is $13.46. The firm has a market capitalization of $15.87 billion, a price-to-earnings ratio of -4.05 and a beta of 1.82. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44.

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 for the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% 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 previous year, the company earned ($1.46) earnings per share. As a group, equities analysts expect that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the sale, the chief executive officer directly owned 1,316,205 shares in the company, valued at $18,426,870. The trade was a 1.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 7,247 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the transaction, the chief financial officer directly owned 789,445 shares in the company, valued at approximately $9,694,384.60. The trade was a 0.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,147 shares of company stock valued at $577,593. 2.16% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently made changes to their positions in RIVN. Assetmark Inc. grew its position in shares of Rivian Automotive by 315.6% during the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker's stock worth $25,000 after buying an additional 1,357 shares in the last quarter. Banque Transatlantique SA grew its position in shares of Rivian Automotive by 13,194.1% during the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock worth $26,000 after buying an additional 2,243 shares in the last quarter. Newbridge Financial Services Group Inc. grew its position in shares of Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker's stock worth $26,000 after buying an additional 1,000 shares in the last quarter. Fairman Group LLC acquired a new stake in shares of Rivian Automotive during the second quarter worth approximately $31,000. Finally, WPG Advisers LLC acquired a new stake in shares of Rivian Automotive during the first quarter worth approximately $34,000. Institutional investors and hedge funds 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.

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