Mizuho Issues Pessimistic Forecast for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN) had its target price dropped by stock analysts at Mizuho from $15.00 to $12.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “neutral” rating on the electric vehicle automaker’s stock. Mizuho’s price objective points to a potential upside of 17.65% from the company’s current price.

Several other analysts have also commented on RIVN. The Goldman Sachs Group decreased their price objective on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. UBS Group reduced their target price on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Wedbush reissued an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research note on Wednesday, August 7th. Truist Financial dropped their target price on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a report on Wednesday, October 16th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $15.00 price target on shares of Rivian Automotive in a research note on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $16.95.

Rivian Automotive Trading Up 0.2 %

Shares of NASDAQ RIVN opened at $10.20 on Monday. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $24.61. The business has a fifty day moving average price of $11.75 and a 200 day moving average price of $12.31. The stock has a market capitalization of $10.28 billion, a P/E ratio of -1.71 and a beta of 2.04. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. Equities research analysts expect that Rivian Automotive will post -4.84 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $12,127,675.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated 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 in the company, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 169,876 shares of company stock valued at $2,153,551. Insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Large investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. lifted its stake in Rivian Automotive by 1.7% in the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after buying an additional 604 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in shares of Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after acquiring an additional 670 shares during the period. GAMMA Investing LLC raised its position in Rivian Automotive by 28.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after purchasing an additional 760 shares during the last quarter. Certuity LLC boosted its stake in Rivian Automotive by 8.1% during the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after purchasing an additional 815 shares during the period. Finally, Sanders Morris Harris LLC grew its position in Rivian Automotive by 8.9% during the 2nd quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock worth $136,000 after purchasing an additional 823 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.