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

Rivian Automotive (NASDAQ:RIVN) had its target price lowered by Mizuho from $15.00 to $12.00 in a research note issued on Monday, Benzinga reports. The firm currently has a “neutral” rating on the electric vehicle automaker’s stock. Mizuho’s price target points to a potential upside of 13.31% from the stock’s current price.

Several other brokerages have also recently issued reports on RIVN. The Goldman Sachs Group reduced their price target on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Cantor Fitzgerald reissued an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a research report on Monday, September 30th. Royal Bank of Canada restated a “sector perform” rating and set a $15.00 price target on shares of Rivian Automotive in a research report on Friday, August 16th. Wolfe Research initiated coverage on Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $16.95.

Rivian Automotive Trading Up 2.9 %

RIVN opened at $10.59 on Monday. Rivian Automotive has a one year low of $8.26 and a one year high of $24.61. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The business has a 50 day simple moving average of $11.59 and a two-hundred day simple moving average of $12.34. The firm has a market capitalization of $10.68 billion, a price-to-earnings ratio of -1.78 and a beta of 2.04.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data 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 net margin of 115.50% and a negative return on equity of 65.40%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Analysts predict that Rivian Automotive will post -4.84 EPS for the current year.

Insider Activity

In other Rivian Automotive 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 sale, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. 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 169,876 shares of company stock valued at $2,153,551 in the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently bought and sold shares of the stock. Quent Capital LLC increased its holdings in shares of Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 2,380 shares in the last quarter. GHP Investment Advisors Inc. boosted its position in shares of Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 1,002 shares during the last quarter. American Capital Advisory LLC grew its holdings in shares of Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after purchasing an additional 2,111 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Rivian Automotive in the 2nd quarter worth about $37,000. 66.25% of the stock is owned by hedge funds and other 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.