Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $12.00

Rivian Automotive (NASDAQ:RIVN) had its target price decreased by investment analysts at JPMorgan Chase & Co. from $14.00 to $12.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an “underweight” rating on the electric vehicle automaker’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 17.19% from the stock’s previous close.

RIVN has been the topic of several other research reports. UBS Group reduced their price objective on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Wedbush reissued an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a research report on Wednesday, August 7th. Piper Sandler reissued an “overweight” rating and issued a $21.00 price target on shares of Rivian Automotive in a report on Wednesday, June 26th. Canaccord Genuity Group dropped their price objective on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Finally, Wolfe Research initiated coverage on Rivian Automotive in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $17.09.

Rivian Automotive Trading Up 2.1 %

Shares of Rivian Automotive stock traded up $0.21 on Tuesday, hitting $10.24. 11,405,409 shares of the company’s stock traded hands, compared to its average volume of 39,283,852. The firm’s 50-day moving average price is $12.29 and its two-hundred day moving average price is $12.26. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The stock has a market capitalization of $10.32 billion, a PE ratio of -1.72 and a beta of 2.03. Rivian Automotive has a one year low of $8.26 and a one year high of $24.61.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.17 billion. On average, research analysts expect that Rivian Automotive will post -4.88 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction 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 transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Friday, August 16th. The stock was 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 of the company’s stock, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 169,876 shares of company stock worth $2,153,551 over the last quarter. 2.51% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds have recently bought and sold shares of the business. Quent Capital LLC increased its holdings in shares of Rivian Automotive by 74.3% during 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 period. EverSource Wealth Advisors LLC grew its position in Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 2,380 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Rivian Automotive in the 2nd quarter valued at $37,000. First Horizon Advisors Inc. lifted its position in shares of Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after acquiring an additional 670 shares during the period. Finally, Blue Trust Inc. increased its position in shares of Rivian Automotive by 39.0% in 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 during the period. 66.25% of the stock is owned by institutional investors.

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.