Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $13.00 by Analysts at The Goldman Sachs Group

Rivian Automotive (NASDAQ:RIVN) had its target price cut by The Goldman Sachs Group from $15.00 to $13.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the electric vehicle automaker’s stock.

RIVN has been the subject of a number of other reports. Stifel Nicolaus decreased their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Wall Street Zen cut Rivian Automotive from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. Cfra Research upgraded Rivian Automotive to a “moderate sell” rating in a research note on Thursday, October 2nd. UBS Group increased their price target on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, October 6th. Finally, JPMorgan Chase & Co. increased their price objective on Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a report on Monday, October 20th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $13.67.

Rivian Automotive Trading Up 23.4%

Shares of NASDAQ RIVN opened at $15.42 on Wednesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72. The stock has a market capitalization of $18.71 billion, a P/E ratio of -4.96 and a beta of 1.81. Rivian Automotive has a 1-year low of $9.50 and a 1-year high of $17.15. The business has a fifty day moving average price of $13.84 and a 200 day moving average price of $13.63.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). The company had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative return on equity of 54.58% and a negative net margin of 61.34%.The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter last year, the company earned ($1.46) earnings per share. Equities research analysts expect that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the transaction, the chief executive officer owned 1,316,205 shares in the company, valued at $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 7,247 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the transaction, the chief financial officer owned 789,445 shares in the company, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 42,147 shares of company stock worth $577,593 in the last quarter. 2.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the company. Brighton Jones LLC lifted its position in Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after buying an additional 3,864 shares in the last quarter. Amalgamated Bank grew its stake in shares of Rivian Automotive by 4.3% in the first quarter. Amalgamated Bank now owns 44,708 shares of the electric vehicle automaker’s stock valued at $557,000 after buying an additional 1,826 shares in the last quarter. Teacher Retirement System of Texas acquired a new stake in shares of Rivian Automotive in the first quarter valued at $1,382,000. IFM Investors Pty Ltd grew its stake in shares of Rivian Automotive by 13.8% in the first quarter. IFM Investors Pty Ltd now owns 141,494 shares of the electric vehicle automaker’s stock valued at $1,762,000 after buying an additional 17,205 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Rivian Automotive by 2.9% in the first quarter. Bank of New York Mellon Corp now owns 3,199,174 shares of the electric vehicle automaker’s stock valued at $39,830,000 after buying an additional 89,136 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.