Rivian Automotive (NASDAQ:RIVN) PT Lowered to $11.00 at Wells Fargo & Company

Rivian Automotive (NASDAQ:RIVN) had its price objective lowered by Wells Fargo & Company from $15.00 to $11.00 in a report published on Tuesday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the electric vehicle automaker’s stock.

Several other equities research analysts have also weighed in on the stock. Barclays increased their price objective on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock an equal weight rating in a research note on Tuesday, July 16th. Royal Bank of Canada reiterated a sector perform rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Friday, August 16th. Cantor Fitzgerald reiterated an overweight rating and set a $19.00 price objective on shares of Rivian Automotive in a research note on Monday, September 30th. The Goldman Sachs Group dropped their price objective on shares of Rivian Automotive from $13.00 to $11.00 and set a neutral rating on the stock in a research note on Tuesday, October 8th. Finally, Mizuho increased their price objective on shares of Rivian Automotive from $11.00 to $15.00 and gave the stock a neutral rating in a research note on Friday, July 12th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of Hold and a consensus target price of $17.36.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $10.15 on Tuesday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. Rivian Automotive has a one year low of $8.26 and a one year high of $24.61. The company’s 50-day simple moving average is $12.69 and its 200-day simple moving average is $12.28. The stock has a market capitalization of $10.10 billion, a price-to-earnings ratio of -1.76 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Equities analysts anticipate that Rivian Automotive will post -4.88 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

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 shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 241,305 shares of company stock worth $3,369,273 over the last quarter. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

A number of large investors have recently added to or reduced their stakes in RIVN. V Square Quantitative Management LLC boosted its holdings in Rivian Automotive by 68.9% during the fourth quarter. V Square Quantitative Management LLC now owns 7,213 shares of the electric vehicle automaker’s stock worth $169,000 after buying an additional 2,942 shares in the last quarter. Trust Co. of Vermont boosted its holdings in Rivian Automotive by 37.9% during the fourth quarter. Trust Co. of Vermont now owns 6,049 shares of the electric vehicle automaker’s stock worth $142,000 after buying an additional 1,664 shares in the last quarter. Vanguard Group Inc. boosted its stake in 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 purchasing an additional 4,467,881 shares during the period. B. Riley Wealth Advisors Inc. boosted its stake in Rivian Automotive by 61.4% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 33,717 shares of the electric vehicle automaker’s stock worth $791,000 after purchasing an additional 12,832 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in Rivian Automotive by 20.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 36,575 shares of the electric vehicle automaker’s stock worth $858,000 after purchasing an additional 6,295 shares during the period. 66.25% of the stock is currently owned by institutional investors.

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.