Rivian Automotive (NASDAQ:RIVN) PT Lowered to $16.00

Rivian Automotive (NASDAQ:RIVN) had its price objective reduced by stock analysts at UBS Group from $17.00 to $16.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the electric vehicle automaker’s stock. UBS Group’s price objective would suggest a potential upside of 13.39% from the stock’s previous close.

A number of other brokerages also recently commented on RIVN. Royal Bank of Canada upped their target price on Rivian Automotive from $11.00 to $14.00 and gave the company a “sector perform” rating in a report on Monday, July 1st. Guggenheim assumed coverage on Rivian Automotive in a research report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price target for the company. Mizuho upped their price target on Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a report on Friday, July 12th. DA Davidson boosted their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, June 28th. Finally, Morgan Stanley boosted their target price on shares of Rivian Automotive from $13.00 to $17.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.67.

Rivian Automotive Trading Down 4.1 %

Shares of NASDAQ RIVN traded down $0.61 during midday trading on Wednesday, reaching $14.11. The company had a trading volume of 17,504,382 shares, compared to its average volume of 42,872,590. The stock has a market cap of $14.04 billion, a PE ratio of -2.42 and a beta of 2.09. Rivian Automotive has a one year low of $8.26 and a one year high of $24.87. The firm’s fifty day moving average price is $14.14 and its 200-day moving average price is $12.55. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. On average, equities research analysts anticipate that Rivian Automotive will post -4.68 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The sale 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 200,000 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $16,374,438. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 485,716 shares of company stock worth $7,509,309. Insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC grew its holdings in Rivian Automotive by 1,944.2% during the 4th quarter. International Assets Investment Management LLC now owns 140,291 shares of the electric vehicle automaker’s stock worth $3,291,000 after acquiring an additional 133,428 shares in the last quarter. Allworth Financial LP grew its stake in Rivian Automotive by 409.3% in the fourth quarter. Allworth Financial LP now owns 23,131 shares of the electric vehicle automaker’s stock valued at $543,000 after purchasing an additional 18,589 shares during the last quarter. Stratos Wealth Partners LTD. lifted its position in shares of Rivian Automotive by 9.8% during the fourth quarter. Stratos Wealth Partners LTD. now owns 13,039 shares of the electric vehicle automaker’s stock valued at $306,000 after buying an additional 1,164 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in shares of Rivian Automotive by 36.9% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 374,593 shares of the electric vehicle automaker’s stock valued at $8,752,000 after buying an additional 101,039 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its position in shares of Rivian Automotive by 0.8% in the 4th quarter. Nisa Investment Advisors LLC now owns 143,510 shares of the electric vehicle automaker’s stock worth $3,367,000 after buying an additional 1,110 shares during 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.