Barclays Trims Rivian Automotive (NASDAQ:RIVN) Target Price to $10.00

Rivian Automotive (NASDAQ:RIVN) had its price objective cut by investment analysts at Barclays from $12.00 to $10.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the electric vehicle automaker’s stock. Barclays‘s price target suggests a potential upside of 12.99% from the company’s current price.

A number of other equities research analysts have also issued reports on RIVN. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $15.00 target price on shares of Rivian Automotive in a research report on Tuesday, April 2nd. UBS Group raised Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 target price on the stock in a research report on Tuesday. The Goldman Sachs Group dropped their target price on Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, January 25th. Morgan Stanley lowered their price target on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a research report on Thursday, April 4th. Finally, Wells Fargo & Company lowered their price target on Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.61.

Rivian Automotive Trading Up 0.2 %

RIVN traded up $0.02 during midday trading on Friday, reaching $8.85. 7,660,312 shares of the company were exchanged, compared to its average volume of 42,834,184. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. Rivian Automotive has a one year low of $8.26 and a one year high of $28.06. The stock has a market capitalization of $8.65 billion, a P/E ratio of -1.53 and a beta of 1.88. The stock’s 50-day simple moving average is $11.71 and its 200 day simple moving average is $16.03.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share 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 business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. As a group, analysts forecast that Rivian Automotive will post -4.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction 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 sale, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the sale, the chief accounting officer now directly owns 52,415 shares in the company, valued at approximately $690,829.70. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the sale, the chief financial officer now owns 155,749 shares in the company, valued at $2,523,133.80. The disclosure for this sale can be found here. Insiders have sold a total of 54,306 shares of company stock worth $717,274 over the last ninety days. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

Several institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its stake in shares of Rivian Automotive by 35.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after buying an additional 25,550,489 shares during the last quarter. Moneta Group Investment Advisors LLC purchased a new position in shares of Rivian Automotive in the 4th quarter worth $228,175,000. Norges Bank purchased a new position in shares of Rivian Automotive in the 4th quarter worth $129,427,000. State Street Corp boosted its stake in shares of Rivian Automotive by 145.5% in the 3rd quarter. State Street Corp now owns 9,064,249 shares of the electric vehicle automaker’s stock worth $298,304,000 after buying an additional 5,371,852 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Rivian Automotive by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after buying an additional 4,467,881 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.