Wells Fargo & Company Lowers Rivian Automotive (NASDAQ:RIVN) Price Target to $11.00

Rivian Automotive (NASDAQ:RIVN) had its price objective reduced by analysts at Wells Fargo & Company from $15.00 to $11.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the electric vehicle automaker’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 7.42% from the company’s current price.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC cut their target price on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. increased their price target on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a report on Wednesday, June 26th. Cantor Fitzgerald reissued an “overweight” rating and issued a $19.00 price target on shares of Rivian Automotive in a report on Monday, September 30th. Canaccord Genuity Group lowered their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, October 7th. Finally, Wolfe Research initiated coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $17.18.

Rivian Automotive Price Performance

RIVN opened at $10.24 on Tuesday. The firm has a market cap of $10.19 billion, a P/E ratio of -1.77 and a beta of 2.03. The firm has a 50-day moving average of $12.60 and a 200 day moving average of $12.27. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $24.61.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. On average, research analysts expect that Rivian Automotive will post -4.88 EPS for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $17.02, for a total value of $1,215,721.58. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $15,482,940.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 241,305 shares of company stock valued at $3,369,273. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Quent Capital LLC grew its holdings in shares of Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares during the last quarter. Benjamin Edwards Inc. bought a new position in shares of Rivian Automotive in the first quarter worth approximately $33,000. International Assets Investment Management LLC bought a new position in shares of Rivian Automotive in the second quarter worth approximately $37,000. Finally, First Horizon Advisors Inc. grew its holdings in shares of Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after purchasing an additional 670 shares during the last quarter. Institutional investors 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.