Rivian Automotive (NASDAQ:RIVN) Price Target Lowered to $15.00 at Cantor Fitzgerald

Rivian Automotive (NASDAQ:RIVN) had its target price reduced by Cantor Fitzgerald from $23.00 to $15.00 in a research note released on Wednesday morning, Benzinga reports. They currently have an overweight rating on the electric vehicle automaker’s stock.

Other analysts also recently issued reports about the stock. Wells Fargo & Company lowered their price objective on shares of Rivian Automotive from $14.00 to $10.00 and set an equal weight rating on the stock in a report on Wednesday. Robert W. Baird lowered their target price on shares of Rivian Automotive from $30.00 to $23.00 and set an outperform rating on the stock in a report on Thursday, February 22nd. Mizuho lowered their target price on shares of Rivian Automotive from $12.00 to $11.00 and set a neutral rating on the stock in a report on Wednesday. Barclays lowered their target price on shares of Rivian Automotive from $12.00 to $10.00 and set an equal weight rating on the stock in a report on Friday, April 19th. Finally, JPMorgan Chase & Co. cut shares of Rivian Automotive from a neutral rating to an underweight rating and reduced their price objective for the stock from $20.00 to $11.00 in a research report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $19.00.

Rivian Automotive Stock Up 0.2 %

RIVN traded up $0.02 during trading on Wednesday, reaching $10.29. The company had a trading volume of 8,890,674 shares, compared to its average volume of 42,367,328. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $28.06. The business’s fifty day moving average price is $10.35 and its 200 day moving average price is $15.00. The company has a market cap of $10.06 billion, a P/E ratio of -1.77 and a beta of 1.91.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. Equities analysts anticipate that Rivian Automotive will post -4.77 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, insider Kjell Gruner sold 19,935 shares of the stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of the firm’s 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 directly owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The disclosure for this sale can be found here. In the last three months, insiders sold 54,306 shares of company stock valued at $717,274. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently added to or reduced their stakes in RIVN. Commonwealth Equity Services LLC increased its holdings in Rivian Automotive by 18.7% in the 3rd quarter. Commonwealth Equity Services LLC now owns 215,885 shares of the electric vehicle automaker’s stock worth $5,242,000 after acquiring an additional 34,044 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Rivian Automotive by 2.8% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 101,040 shares of the electric vehicle automaker’s stock worth $2,453,000 after purchasing an additional 2,724 shares during the period. Xponance Inc. boosted its stake in Rivian Automotive by 30.5% in the 3rd quarter. Xponance Inc. now owns 24,084 shares of the electric vehicle automaker’s stock worth $585,000 after purchasing an additional 5,622 shares during the period. Raymond James & Associates boosted its stake in Rivian Automotive by 1.2% in the 3rd quarter. Raymond James & Associates now owns 239,852 shares of the electric vehicle automaker’s stock worth $5,824,000 after purchasing an additional 2,947 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its position in shares of Rivian Automotive by 22.3% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 271,029 shares of the electric vehicle automaker’s stock valued at $6,581,000 after acquiring an additional 49,373 shares during 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.