Rivian Automotive (NASDAQ:RIVN) Rating Lowered to “Neutral” at Piper Sandler

Piper Sandler lowered shares of Rivian Automotive (NASDAQ:RIVN) from an overweight rating to a neutral rating in a research note released on Thursday, Marketbeat reports. Piper Sandler currently has $13.00 price target on the electric vehicle automaker’s stock, down from their previous price target of $19.00.

Several other equities research analysts have also weighed in on the company. UBS Group raised their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Guggenheim cut their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, February 24th. Truist Financial raised their target price on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Wells Fargo & Company raised their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Friday, February 21st. Finally, Cantor Fitzgerald downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $13.00 to $15.00 in a research note on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average price target of $14.38.

Rivian Automotive Price Performance

RIVN stock opened at $11.60 on Thursday. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm has a market capitalization of $13.12 billion, a P/E ratio of -2.46 and a beta of 2.03. The business’s 50-day moving average is $12.41 and its two-hundred day moving average is $12.17. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Analysts anticipate that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock worth $2,735,619 over the last three months. 2.51% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Lansforsakringar Fondforvaltning AB publ acquired a new position in Rivian Automotive during the fourth quarter worth $3,198,000. PKO Investment Management Joint Stock Co acquired a new position in shares of Rivian Automotive in the fourth quarter worth $479,000. Siemens Fonds Invest GmbH acquired a new position in shares of Rivian Automotive in the fourth quarter worth $145,000. Gould Capital LLC raised its holdings in shares of Rivian Automotive by 87.6% in the fourth quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker’s stock worth $93,000 after acquiring an additional 3,280 shares during the last quarter. Finally, Parr Mcknight Wealth Management Group LLC acquired a new position in shares of Rivian Automotive in the fourth quarter worth $206,000. 66.25% of the stock is owned by institutional investors and hedge funds.

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.