Rivian Automotive (NASDAQ:RIVN) Price Target Lowered to $12.00 at Truist Financial

Rivian Automotive (NASDAQ:RIVN) had its target price cut by analysts at Truist Financial from $16.00 to $12.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “hold” rating on the electric vehicle automaker’s stock. Truist Financial’s price objective would suggest a potential upside of 17.99% from the stock’s current price.

A number of other analysts have also recently issued reports on the stock. Needham & Company LLC reduced their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. The Goldman Sachs Group lowered their target price on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. UBS Group lowered their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. lifted their price objective on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a report on Wednesday, June 26th. Finally, DA Davidson raised 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 investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $17.18.

Rivian Automotive Stock Up 0.2 %

RIVN traded up $0.02 during midday trading on Wednesday, reaching $10.17. The company’s stock had a trading volume of 8,567,243 shares, compared to its average volume of 39,648,250. The stock’s 50-day moving average is $12.69 and its 200-day moving average is $12.28. The firm has a market capitalization of $10.12 billion, a price-to-earnings ratio of -1.78 and a beta of 2.03. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $24.61. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share 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 for the quarter, compared to the consensus estimate of $1.17 billion. As a group, research analysts expect that Rivian Automotive will post -4.88 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other 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 sale, the chief financial officer now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $17.02, for a total value of $1,215,721.58. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $15,482,940.82. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 241,305 shares of company stock worth $3,369,273. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Quent Capital LLC increased its holdings in 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 purchasing an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings 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 acquiring an additional 2,380 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Rivian Automotive during the second quarter worth about $37,000. First Horizon Advisors Inc. raised its stake in Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after buying an additional 670 shares during the period. Finally, Benjamin Edwards Inc. bought a new stake in Rivian Automotive in the first quarter valued at approximately $33,000. 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.