Wells Fargo & Company Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $10.00

Rivian Automotive (NASDAQ:RIVN) had its target price cut by research analysts at Wells Fargo & Company from $14.00 to $10.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the electric vehicle automaker’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 0.70% from the company’s previous close.

Several other research analysts have also issued reports on the company. Mizuho dropped their price objective on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Wednesday. Barclays dropped their price target on shares of Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Friday, April 19th. Stifel Nicolaus decreased their price target on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a report on Monday, February 26th. Evercore ISI cut their price target on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price target on shares of Rivian Automotive in a research report on Wednesday, April 3rd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.35.

Rivian Automotive Stock Performance

Shares of NASDAQ:RIVN traded down $0.32 on Wednesday, hitting $9.93. 37,357,238 shares of the company were exchanged, compared to its average volume of 42,429,215. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. The company’s 50 day moving average price is $10.37 and its two-hundred day moving average price is $15.04. Rivian Automotive has a one year low of $8.26 and a one year high of $28.06. The firm has a market capitalization of $9.71 billion, a price-to-earnings ratio of -1.73 and a beta of 1.91.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Research analysts expect that Rivian Automotive will post -4.77 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In related news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the transaction, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the sale, the chief financial officer now owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,306 shares of company stock worth $717,274. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RIVN. Federated Hermes Inc. grew its stake in Rivian Automotive by 8.2% in the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock worth $201,000 after purchasing an additional 651 shares during the period. Moneta Group Investment Advisors LLC grew its position in shares of Rivian Automotive by 5.3% in the 3rd quarter. Moneta Group Investment Advisors LLC now owns 13,335 shares of the electric vehicle automaker’s stock worth $324,000 after buying an additional 668 shares during the period. Laidlaw Wealth Management LLC increased its stake in shares of Rivian Automotive by 7.5% in the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after acquiring an additional 718 shares in the last quarter. Jamison Private Wealth Management Inc. lifted its position in Rivian Automotive by 10.8% during the 4th quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock valued at $175,000 after acquiring an additional 727 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in Rivian Automotive by 13.7% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 6,416 shares of the electric vehicle automaker’s stock worth $156,000 after acquiring an additional 775 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

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.