Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $18.00 by Analysts at Wedbush

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its price objective cut by equities researchers at Wedbush from $20.00 to $18.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the electric vehicle automaker's stock. Wedbush's price target would indicate a potential upside of 40.47% from the stock's previous close.

Other analysts also recently issued reports about the stock. Needham & Company LLC lowered their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday. Cantor Fitzgerald reissued a "neutral" rating and set a $15.00 target price on shares of Rivian Automotive in a research note on Wednesday. Guggenheim restated a "buy" rating and issued a $16.00 price target on shares of Rivian Automotive in a research note on Tuesday. The Goldman Sachs Group lowered their price target on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Finally, Wells Fargo & Company dropped their price objective on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $13.95.

Rivian Automotive Stock Performance

RIVN stock traded down $0.69 during trading on Wednesday, reaching $12.81. The company had a trading volume of 32,580,722 shares, compared to its average volume of 36,397,236. The company has a market cap of $14.49 billion, a price-to-earnings ratio of -2.70 and a beta of 1.86. Rivian Automotive has a twelve month low of $9.25 and a twelve month high of $18.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a 50-day simple moving average of $11.86 and a 200-day simple moving average of $12.28.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. As a group, sell-side analysts expect that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares of the company's stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of the company's stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $11.46, for a total transaction of $409,270.98. Following the completion of the transaction, the chief executive officer now owns 853,011 shares in the company, valued at approximately $9,775,506.06. This trade represents a 4.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock valued at $2,154,905 in the last 90 days. 2.51% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in Rivian Automotive by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock valued at $175,639,000 after purchasing an additional 227,168 shares during the last quarter. Capital International Investors purchased a new stake in Rivian Automotive in the 4th quarter valued at about $144,030,000. Norges Bank acquired a new position in shares of Rivian Automotive during the 4th quarter valued at about $123,308,000. Soma Equity Partners LP lifted its holdings in shares of Rivian Automotive by 19.9% during the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock worth $112,865,000 after acquiring an additional 1,407,772 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Rivian Automotive by 68.5% in the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after acquiring an additional 2,941,928 shares during the last quarter. 66.25% of the stock is 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.

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