Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $18.00 by Analysts at Wedbush

Rivian Automotive (NASDAQ:RIVN) had its price target trimmed by Wedbush from $20.00 to $18.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the electric vehicle automaker’s stock.

A number of other brokerages have also commented on RIVN. Piper Sandler lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $19.00 to $13.00 in a report on Thursday, March 20th. Barclays raised their price objective on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 22nd. Benchmark reaffirmed a “buy” rating and issued a $18.00 target price on shares of Rivian Automotive in a research report on Tuesday, March 18th. Mizuho decreased their price target on shares of Rivian Automotive from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Finally, Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and cut their price target for the company from $13.00 to $10.00 in a report on Monday, February 24th. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $13.99.

Rivian Automotive Stock Performance

Shares of NASDAQ:RIVN opened at $14.26 on Wednesday. The business’s 50-day simple moving average is $11.98 and its 200 day simple moving average is $12.34. The company has a market cap of $16.12 billion, a P/E ratio of -3.02 and a beta of 1.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive has a one year low of $9.50 and a one year high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. On average, sell-side analysts forecast that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’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 transaction, the chief executive officer now owns 853,011 shares of the company’s stock, valued at $10,082,590.02. This trade represents a 7.73 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,427 shares of company stock worth $2,154,905. 2.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently bought and sold shares of RIVN. World Investment Advisors LLC boosted its holdings in shares of Rivian Automotive by 8.6% in the third quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock valued at $204,000 after acquiring an additional 1,446 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Rivian Automotive in the third quarter worth approximately $28,000. GAMMA Investing LLC boosted its stake 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 valued at $118,000 after purchasing an additional 4,022 shares in the last quarter. Nordea Investment Management AB raised its stake in shares of Rivian Automotive by 12.1% in the 4th quarter. Nordea Investment Management AB now owns 63,074 shares of the electric vehicle automaker’s stock worth $901,000 after buying an additional 6,817 shares in the last quarter. Finally, Green Alpha Advisors LLC lifted its holdings in shares of Rivian Automotive by 15.4% in the fourth quarter. Green Alpha Advisors LLC now owns 61,893 shares of the electric vehicle automaker’s stock valued at $823,000 after buying an additional 8,262 shares during the period. Institutional investors and hedge funds 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.