Barclays Trims Rivian Automotive (NASDAQ:RIVN) Target Price to $10.00

Rivian Automotive (NASDAQ:RIVN) had its target price decreased by Barclays from $12.00 to $10.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the electric vehicle automaker’s stock. Barclays‘s target price suggests a potential upside of 12.99% from the stock’s previous close.

Several other research analysts have also weighed in on the stock. JPMorgan Chase & Co. lowered shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $20.00 to $11.00 in a report on Thursday, February 22nd. Stifel Nicolaus decreased their price objective on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a report on Monday, February 26th. Truist Financial reissued a “hold” rating and set a $11.00 price objective on shares of Rivian Automotive in a report on Friday, April 12th. Needham & Company LLC reduced their price target on shares of Rivian Automotive from $18.00 to $13.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $15.00 price target on shares of Rivian Automotive in a research report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Moderate Buy” and a consensus target price of $19.61.

Rivian Automotive Trading Up 0.2 %

NASDAQ:RIVN traded up $0.02 during trading hours on Friday, reaching $8.85. 7,660,312 shares of the company were exchanged, compared to its average volume of 42,834,184. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The firm has a market cap of $8.65 billion, a price-to-earnings ratio of -1.53 and a beta of 1.88. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $28.06. The stock has a 50 day simple moving average of $11.71 and a 200 day simple moving average of $16.03.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. As a group, analysts predict that Rivian Automotive will post -4.8 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the sale, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock worth $717,274 over the last ninety days. 2.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in the company. SteelPeak Wealth LLC bought a new stake in shares of Rivian Automotive in the 1st quarter worth about $265,000. Vicus Capital grew its holdings in shares of Rivian Automotive by 11.6% in the 1st quarter. Vicus Capital now owns 13,633 shares of the electric vehicle automaker’s stock worth $149,000 after purchasing an additional 1,422 shares during the last quarter. RFG Holdings Inc. grew its holdings in shares of Rivian Automotive by 74.7% in the 1st quarter. RFG Holdings Inc. now owns 17,914 shares of the electric vehicle automaker’s stock worth $196,000 after purchasing an additional 7,659 shares during the last quarter. Austin Private Wealth LLC grew its holdings in shares of Rivian Automotive by 64.7% in the 1st quarter. Austin Private Wealth LLC now owns 25,787 shares of the electric vehicle automaker’s stock worth $272,000 after purchasing an additional 10,128 shares during the last quarter. Finally, Strategic Planning Group LLC acquired a new position in Rivian Automotive during the 1st quarter worth about $867,000. Institutional investors own 66.25% of the company’s stock.

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.