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

Rivian Automotive (NASDAQ:RIVN) had its price objective lowered by research analysts at Wells Fargo & Company from $15.00 to $11.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the electric vehicle automaker’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 5.67% from the company’s current price.

Other equities analysts have also recently issued research reports about the stock. UBS Group lowered their target price 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. Barclays increased their target price on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 16th. Needham & Company LLC lowered their price target on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday, September 10th. Finally, The Goldman Sachs Group dropped their price objective on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $17.50.

Rivian Automotive Stock Up 0.6 %

Shares of RIVN traded up $0.06 during mid-day trading on Tuesday, reaching $10.41. 2,618,357 shares of the stock traded hands, compared to its average volume of 39,704,387. The firm has a market cap of $10.36 billion, a price-to-earnings ratio of -1.80 and a beta of 2.03. The stock has a fifty day simple moving average of $12.69 and a 200 day simple moving average of $12.28. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $24.61.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS 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 return on equity of 65.40% and a negative net margin of 115.50%. Sell-side analysts expect that Rivian Automotive will post -4.88 EPS for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the business’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 value of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’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 value of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 241,305 shares of company stock worth $3,369,273 in the last quarter. 2.30% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Rivian Automotive by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after buying an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. increased its position in Rivian Automotive by 30.5% in the second quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock worth $443,072,000 after purchasing an additional 7,714,788 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Rivian Automotive by 1,521.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after purchasing an additional 5,937,605 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Rivian Automotive by 153.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after buying an additional 3,285,867 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Rivian Automotive by 53.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock worth $39,889,000 after buying an additional 1,039,758 shares during 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.