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

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its target price lowered by research analysts at JPMorgan Chase & Co. from $11.00 to $10.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an "underweight" rating on the electric vehicle automaker's stock. JPMorgan Chase & Co.'s price objective would indicate a potential downside of 24.81% from the stock's current price.

A number of other equities research analysts also recently weighed in on the company. The Goldman Sachs Group dropped their target price on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Benchmark reissued a "buy" rating and set a $18.00 target price on shares of Rivian Automotive in a report on Tuesday, March 18th. Truist Financial increased their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a research note on Thursday, January 16th. Cantor Fitzgerald downgraded Rivian Automotive from an "overweight" rating to a "neutral" rating and raised their target price for the company from $13.00 to $15.00 in a report on Friday, February 21st. Finally, Mizuho reduced their price objective on Rivian Automotive from $11.00 to $10.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company. According to MarketBeat, Rivian Automotive currently has a consensus rating of "Hold" and a consensus price target of $14.08.

Rivian Automotive Stock Up 0.8 %

Shares of Rivian Automotive stock traded up $0.11 on Friday, reaching $13.30. 18,335,465 shares of the company were exchanged, compared to its average volume of 36,463,064. The company has a market capitalization of $15.04 billion, a price-to-earnings ratio of -2.82 and a beta of 1.89. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The company has a 50-day moving average of $11.69 and a 200 day moving average of $12.16. Rivian Automotive has a one year low of $8.84 and a one year high of $18.86.

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

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the transaction, the chief executive officer now owns 853,011 shares in the company, valued at $10,082,590.02. This trade represents a 7.73 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the business's 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 completion of the sale, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock worth $2,154,905 over the last three months. 2.51% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RIVN. Virtu Financial LLC purchased a new stake in Rivian Automotive in the 3rd quarter worth approximately $4,184,000. Sanctuary Advisors LLC raised its stake in Rivian Automotive by 9.0% during the third quarter. Sanctuary Advisors LLC now owns 44,675 shares of the electric vehicle automaker's stock worth $457,000 after purchasing an additional 3,681 shares during the period. World Investment Advisors LLC lifted its holdings in Rivian Automotive by 8.6% in the third quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker's stock valued at $204,000 after acquiring an additional 1,446 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Rivian Automotive during the third quarter worth $28,000. Finally, Tidal Investments LLC lifted its position in Rivian Automotive by 28.8% in the third quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker's stock valued at $3,018,000 after buying an additional 60,205 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

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.