JPMorgan Chase & Co. Lowers Rivian Automotive (NASDAQ:RIVN) Price Target to $12.00

Rivian Automotive (NASDAQ:RIVN) had its target price cut by analysts at JPMorgan Chase & Co. from $14.00 to $12.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has an “underweight” rating on the electric vehicle automaker’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 18.11% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. The Goldman Sachs Group dropped their target price on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Wedbush reaffirmed an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a research note on Wednesday, August 7th. Mizuho lifted their price target on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Piper Sandler restated an “overweight” rating and set a $21.00 price objective on shares of Rivian Automotive in a research report on Wednesday, June 26th. Finally, DA Davidson lifted their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, June 28th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $17.09.

Rivian Automotive Price Performance

Shares of RIVN opened at $10.16 on Tuesday. The company has a market capitalization of $10.11 billion, a P/E ratio of -1.76 and a beta of 2.03. The business’s 50-day moving average is $12.17 and its two-hundred day moving average is $12.25. 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 announced 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). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Research analysts predict that Rivian Automotive will post -4.88 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated Monday, September 23rd. The shares were 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 of the company’s stock, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 169,876 shares of company stock worth $2,153,551 in the last 90 days. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently made changes to their positions in the stock. Quent Capital LLC grew its stake 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 valued at $26,000 after buying an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 2,380 shares during the period. International Assets Investment Management LLC acquired a new position in Rivian Automotive in the 2nd quarter valued at about $37,000. First Horizon Advisors Inc. increased its stake in Rivian Automotive by 30.7% during 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 period. Finally, Blue Trust Inc. lifted its position in shares of Rivian Automotive by 39.0% during the second quarter. Blue Trust Inc. now owns 3,230 shares of the electric vehicle automaker’s stock worth $43,000 after purchasing an additional 907 shares in the last quarter. Hedge funds and other 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.