Rivian Automotive (NASDAQ:RIVN) PT Lowered to $10.00 at Wells Fargo & Company

Rivian Automotive (NASDAQ:RIVN) had its price objective lowered by Wells Fargo & Company from $14.00 to $10.00 in a research report sent to investors on Wednesday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the electric vehicle automaker’s stock.

Several other brokerages have also commented on RIVN. Barclays decreased their price target on Rivian Automotive from $12.00 to $10.00 and set an equal weight rating on the stock in a research note on Friday, April 19th. Evercore ISI cut their target price on shares of Rivian Automotive from $35.00 to $25.00 and set an outperform rating for the company in a research note on Thursday, February 22nd. Jefferies Financial Group started coverage on Rivian Automotive in a report on Thursday, March 7th. They set a buy rating and a $16.00 price target for the company. Mizuho decreased their target price on Rivian Automotive from $12.00 to $11.00 and set a neutral rating on the stock in a report on Wednesday. Finally, Morgan Stanley cut their price target on Rivian Automotive from $14.00 to $13.00 and set an overweight rating for the company in a report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $19.00.

Rivian Automotive Trading Down 2.3 %

Shares of RIVN stock opened at $9.99 on Wednesday. The stock has a 50 day moving average of $10.30 and a two-hundred day moving average of $14.90. The company has a current ratio of 4.71, a quick ratio of 3.90 and a debt-to-equity ratio of 0.55. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping analysts’ consensus estimates of ($1.67) by $0.09. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. On average, research analysts expect that Rivian Automotive will post -4.77 EPS for the current year.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CAO Jeff Baker sold 31,425 shares of the stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the sale, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock valued at $717,274 in the last quarter. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its holdings in shares of Rivian Automotive by 35.7% during 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 acquiring an additional 25,550,489 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in shares of Rivian Automotive by 714.3% during the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after buying an additional 22,194,018 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in Rivian Automotive by 1,521.2% in the 1st 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 buying an additional 5,937,605 shares during the last quarter. Norges Bank bought a new position in Rivian Automotive in the 4th quarter valued at about $129,427,000. Finally, Vanguard Group Inc. lifted its position in Rivian Automotive by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after acquiring an additional 4,467,881 shares during the last quarter. Institutional investors and hedge funds 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.