Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $12.00 by Analysts at Truist Financial

Rivian Automotive (NASDAQ:RIVN) had its price target trimmed by Truist Financial from $16.00 to $12.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a hold rating on the electric vehicle automaker’s stock.

RIVN has been the topic of a number of other reports. Royal Bank of Canada restated a “sector perform” rating and issued a $15.00 price target on shares of Rivian Automotive in a research note on Friday, August 16th. Barclays decreased their target price on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. Canaccord Genuity Group reduced their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, October 7th. Finally, Wolfe Research began coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $17.18.

Rivian Automotive Stock Performance

Shares of RIVN opened at $10.04 on Wednesday. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $24.61. The stock has a market capitalization of $9.99 billion, a PE ratio of -1.74 and a beta of 2.03. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The stock has a 50-day simple moving average of $12.36 and a 200-day simple moving average of $12.25.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. On average, analysts predict that Rivian Automotive will post -4.88 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total value of $1,215,721.58. Following the completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $15,482,940.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total value of $1,215,721.58. Following the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $15,482,940.82. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 241,305 shares of company stock worth $3,369,273 over the last three months. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently added to or reduced their stakes in the business. Quent Capital LLC lifted its stake in Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 2,380 shares during the last quarter. Benjamin Edwards Inc. purchased a new stake in Rivian Automotive during the 1st quarter worth about $33,000. International Assets Investment Management LLC acquired a new position in Rivian Automotive in the 2nd quarter valued at about $37,000. Finally, First Horizon Advisors Inc. grew its holdings in shares of Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after buying an additional 670 shares in 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.