Rivian Automotive (NASDAQ:RIVN) Price Target Lowered to $12.00 at Royal Bank of Canada

Rivian Automotive (NASDAQ:RIVN) had its price target reduced by Royal Bank of Canada from $14.00 to $12.00 in a report released on Friday,Benzinga reports. They currently have a sector perform rating on the electric vehicle automaker’s stock.

Other equities research analysts have also issued reports about the company. Wolfe Research assumed coverage on Rivian Automotive in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. The Goldman Sachs Group decreased their price objective on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. Needham & Company LLC cut their price objective on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Friday. Guggenheim decreased their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Bank of America lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $20.00 to $13.00 in a research report on Friday. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $15.77.

Rivian Automotive Stock Performance

RIVN stock traded up $0.54 during trading on Friday, reaching $10.59. The stock had a trading volume of 58,725,001 shares, compared to its average volume of 38,938,688. The stock’s 50 day moving average is $11.36 and its two-hundred day moving average is $12.32. The firm has a market cap of $10.68 billion, a PE ratio of -1.78 and a beta of 2.04. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $24.61. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81.

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

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of the business’s 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 sale, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. The trade was 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 through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 169,876 shares of company stock worth $2,153,551 over the last 90 days. 2.51% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

Institutional investors have recently added to or reduced their stakes in the company. Quent Capital LLC raised its holdings in shares of Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 831 shares during the period. GHP Investment Advisors Inc. grew its position in Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 1,002 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Rivian Automotive during the second quarter worth $37,000. Finally, First Horizon Advisors Inc. lifted its position in shares of Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after purchasing an additional 670 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

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.