Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $16.00 by Analysts at Wedbush

Key Points

• Wedbush has cut its price target for Rivian Automotive from $18.00 to $16.00, maintaining an "outperform" rating which implies a potential upside of 35.65% from its previous close.
• Rivian's recent quarterly earnings reported a loss per share of ($0.97), missing estimates and indicating a 12.5% year-over-year increase in revenue.
• Institutional ownership of Rivian stands at 66.25%, with significant investment activity observed as several hedge funds have recently increased their holdings in the company.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its price target dropped by investment analysts at Wedbush from $18.00 to $16.00 in a report released on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the electric vehicle automaker's stock. Wedbush's target price would suggest a potential upside of 35.65% from the stock's previous close.

Several other research analysts have also weighed in on RIVN. UBS Group reduced their target price on Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a report on Wednesday. Jefferies Financial Group restated a "hold" rating and issued a $16.00 price target on shares of Rivian Automotive in a report on Wednesday, May 14th. Cantor Fitzgerald restated a "neutral" rating and issued a $15.00 price target on shares of Rivian Automotive in a report on Wednesday, May 7th. The Goldman Sachs Group cut their price target on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Finally, Needham & Company LLC cut their price target on Rivian Automotive from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Wednesday. Four equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $14.17.

Rivian Automotive Trading Down 2.9%

RIVN traded down $0.36 during mid-day trading on Wednesday, reaching $11.80. The stock had a trading volume of 44,383,372 shares, compared to its average volume of 32,849,223. The stock has a market capitalization of $13.34 billion, a P/E ratio of -3.15 and a beta of 1.80. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73. The firm's fifty day simple moving average is $13.56 and its two-hundred day simple moving average is $13.00. Rivian Automotive has a 52 week low of $9.50 and a 52 week high of $17.15.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced 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). Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the firm earned ($1.46) earnings per share. The firm's revenue for the quarter was up 12.5% on a year-over-year basis. On average, equities analysts predict that Rivian Automotive will post -3.2 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,428 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the sale, the chief executive officer directly owned 1,483,111 shares in the company, valued at $22,780,584.96. This represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders sold 205,694 shares of company stock valued at $3,144,612 over the last 90 days. 2.16% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently bought and sold shares of the stock. PFS Partners LLC grew its holdings in Rivian Automotive by 1,882.0% during the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after acquiring an additional 1,882 shares during the period. Assetmark Inc. grew its holdings in Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker's stock worth $25,000 after acquiring an additional 1,357 shares during the period. Banque Transatlantique SA grew its holdings in Rivian Automotive by 13,194.1% during the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock worth $26,000 after acquiring an additional 2,243 shares during the period. Fairman Group LLC acquired a new stake in Rivian Automotive during the 2nd quarter worth about $31,000. Finally, Orion Capital Management LLC acquired a new stake in Rivian Automotive during the 4th quarter worth about $34,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.

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