Mizuho Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $11.00

Rivian Automotive (NASDAQ:RIVN) had its price objective decreased by Mizuho from $12.00 to $11.00 in a report issued on Wednesday morning, Benzinga reports. Mizuho currently has a neutral rating on the electric vehicle automaker’s stock.

A number of other equities research analysts also recently issued reports on RIVN. Truist Financial restated a hold rating and set a $10.00 price objective (down from $11.00) on shares of Rivian Automotive in a research report on Thursday, May 2nd. Morgan Stanley lowered their price target on Rivian Automotive from $14.00 to $13.00 and set an overweight rating for the company in a research report on Thursday, April 4th. JPMorgan Chase & Co. cut shares of Rivian Automotive from a neutral rating to an underweight rating and cut their price objective for the company from $20.00 to $11.00 in a research report on Thursday, February 22nd. Stifel Nicolaus reduced their target price on shares of Rivian Automotive from $23.00 to $18.00 and set a buy rating on the stock in a research note on Monday, February 26th. Finally, Robert W. Baird dropped their price target on shares of Rivian Automotive from $30.00 to $23.00 and set an outperform rating for the company in a research note on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $19.00.

Rivian Automotive Trading Down 1.6 %

RIVN stock opened at $10.11 on Wednesday. The firm has a market cap of $9.88 billion, a PE ratio of -1.79 and a beta of 1.91. The firm has a fifty day moving average price of $10.35 and a 200 day moving average price of $15.00. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, topping 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 firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. Sell-side analysts anticipate that Rivian Automotive will post -4.77 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of Rivian Automotive

Institutional investors have recently modified their holdings of the company. Commonwealth Equity Services LLC boosted its stake in Rivian Automotive by 18.7% in the third quarter. Commonwealth Equity Services LLC now owns 215,885 shares of the electric vehicle automaker’s stock valued at $5,242,000 after acquiring an additional 34,044 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in shares of Rivian Automotive by 2.8% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 101,040 shares of the electric vehicle automaker’s stock worth $2,453,000 after purchasing an additional 2,724 shares in the last quarter. Xponance Inc. grew its stake in shares of Rivian Automotive by 30.5% during the third quarter. Xponance Inc. now owns 24,084 shares of the electric vehicle automaker’s stock worth $585,000 after acquiring an additional 5,622 shares during the last quarter. Raymond James & Associates grew its position in Rivian Automotive by 1.2% during the 3rd quarter. Raymond James & Associates now owns 239,852 shares of the electric vehicle automaker’s stock worth $5,824,000 after purchasing an additional 2,947 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in shares of Rivian Automotive by 22.3% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 271,029 shares of the electric vehicle automaker’s stock valued at $6,581,000 after buying an additional 49,373 shares during the last quarter. 66.25% of the stock is currently owned by 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.