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

Rivian Automotive (NASDAQ:RIVN) had its target price lowered by Guggenheim from $18.00 to $16.00 in a research report released on Monday,Benzinga reports. The firm currently has a buy rating on the electric vehicle automaker’s stock.

A number of other research analysts also recently issued reports on the stock. Wedbush restated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. Piper Sandler reduced their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. Mizuho raised their price target on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday. Wells Fargo & Company raised their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, UBS Group raised their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $14.87.

Rivian Automotive Trading Down 7.8 %

NASDAQ RIVN opened at $11.96 on Monday. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $18.85. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The company has a market capitalization of $12.21 billion, a price-to-earnings ratio of -2.53 and a beta of 2.04. The company’s fifty day moving average price is $13.49 and its two-hundred day moving average price is $12.48.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. As a group, research analysts predict that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. This trade represents a 3.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 18,501 shares of the firm’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the transaction, the chief financial officer now owns 351,900 shares of the company’s stock, valued at approximately $5,278,500. This trade represents a 4.99 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 275,357 shares of company stock worth $3,988,140. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in the business. Baillie Gifford & Co. boosted its holdings in shares of Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after buying an additional 17,341,786 shares during the period. Geode Capital Management LLC boosted its holdings in shares of 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 worth $175,639,000 after buying an additional 227,168 shares during the period. Capital International Investors acquired a new position in shares of Rivian Automotive in the fourth quarter worth about $144,030,000. Norges Bank acquired a new position in shares of Rivian Automotive in the fourth quarter worth about $123,308,000. Finally, Soma Equity Partners LP boosted its holdings in shares of Rivian Automotive by 19.9% in the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock worth $112,865,000 after buying an additional 1,407,772 shares during the period. Institutional investors 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.