Wells Fargo & Company Has Lowered Expectations for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN) had its price target lowered by analysts at Wells Fargo & Company from $14.00 to $13.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the electric vehicle automaker’s stock. Wells Fargo & Company‘s price target points to a potential downside of 4.97% from the company’s previous close.

RIVN has been the subject of several other reports. Piper Sandler downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $19.00 to $13.00 in a research report on Thursday, March 20th. Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price on the stock. TD Cowen started coverage on Rivian Automotive in a research report on Friday, March 7th. They issued a “hold” rating and a $12.70 price target for the company. Guggenheim reissued a “buy” rating and set a $16.00 price objective on shares of Rivian Automotive in a report on Tuesday. Finally, Benchmark restated a “buy” rating and issued a $18.00 target price on shares of Rivian Automotive in a report on Tuesday, March 18th. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $13.99.

Rivian Automotive Stock Performance

Shares of RIVN opened at $13.68 on Wednesday. Rivian Automotive has a 52 week low of $9.50 and a 52 week high of $18.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company has a market capitalization of $15.47 billion, a PE ratio of -2.90 and a beta of 1.86. The company’s 50 day moving average price is $11.92 and its 200 day moving average price is $12.31.

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. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Research analysts expect that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $11.82, for a total value of $844,290.78. Following the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at $10,082,590.02. This represents a 7.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction on Wednesday, February 19th. The shares were 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. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock worth $2,154,905 over the last quarter. Company insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in the company. World Investment Advisors LLC grew its stake in Rivian Automotive by 8.6% during the third quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock worth $204,000 after buying an additional 1,446 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive in the 3rd quarter worth approximately $28,000. GAMMA Investing LLC grew its position in Rivian Automotive by 82.6% during the 4th quarter. GAMMA Investing LLC now owns 8,893 shares of the electric vehicle automaker’s stock worth $118,000 after acquiring an additional 4,022 shares during the last quarter. Nordea Investment Management AB increased its holdings in Rivian Automotive by 12.1% during the 4th quarter. Nordea Investment Management AB now owns 63,074 shares of the electric vehicle automaker’s stock valued at $901,000 after purchasing an additional 6,817 shares in the last quarter. Finally, Green Alpha Advisors LLC raised its position in Rivian Automotive by 15.4% in the 4th quarter. Green Alpha Advisors LLC now owns 61,893 shares of the electric vehicle automaker’s stock valued at $823,000 after purchasing an additional 8,262 shares during the last quarter. 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.