Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $11.00 by Analysts at Mizuho

Rivian Automotive (NASDAQ:RIVN) had its target price lowered by Mizuho from $13.00 to $11.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a neutral rating on the electric vehicle automaker’s stock.

Other equities research analysts also recently issued research reports about the stock. UBS Group increased their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. Needham & Company LLC increased their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Benchmark initiated coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They set a “buy” rating and a $18.00 target price for the company. Bank of America downgraded shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. Finally, Cantor Fitzgerald downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $13.00 to $15.00 in a research note on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $14.64.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $11.02 on Monday. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $18.86. The company has a market capitalization of $12.46 billion, a PE ratio of -2.33 and a beta of 2.03. The company has a fifty day moving average of $12.65 and a two-hundred day moving average of $12.23.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. As a group, analysts expect that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock valued at $2,735,619 in the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently bought and sold shares of the company. Lansforsakringar Fondforvaltning AB publ acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $3,198,000. PKO Investment Management Joint Stock Co acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $479,000. Siemens Fonds Invest GmbH acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $145,000. Gould Capital LLC boosted its position in Rivian Automotive by 87.6% during the fourth quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker’s stock worth $93,000 after acquiring an additional 3,280 shares during the last quarter. Finally, Parr Mcknight Wealth Management Group LLC acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $206,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.