Rivian Automotive (NASDAQ:RIVN) Price Target Lowered to $13.00 at Barclays

Rivian Automotive (NASDAQ:RIVN) had its target price decreased by Barclays from $16.00 to $13.00 in a research note issued to investors on Tuesday, Benzinga reports. Barclays currently has an equal weight rating on the electric vehicle automaker’s stock.

A number of other equities analysts also recently issued reports on the company. Piper Sandler reissued an overweight rating and issued a $21.00 price objective on shares of Rivian Automotive in a report on Wednesday, June 26th. Royal Bank of Canada reissued a sector perform rating and issued a $15.00 price target on shares of Rivian Automotive in a report on Friday, August 16th. Canaccord Genuity Group reduced their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a buy rating for the company in a research report on Monday, October 7th. Needham & Company LLC dropped their target price on shares of Rivian Automotive from $20.00 to $18.00 and set a buy rating on the stock in a research report on Wednesday, August 7th. Finally, Morgan Stanley downgraded shares of Rivian Automotive from an overweight rating to an equal weight rating and reduced their price target for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of Hold and a consensus price target of $17.36.

Rivian Automotive Trading Down 1.9 %

Shares of NASDAQ:RIVN opened at $10.15 on Tuesday. The company has a market capitalization of $10.10 billion, a PE ratio of -1.76 and a beta of 2.03. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $24.61. The business has a 50 day moving average of $12.69 and a two-hundred day moving average of $12.28. 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 released its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. As a group, analysts forecast that Rivian Automotive will post -4.88 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $17.02, for a total transaction of $1,215,721.58. Following the completion of the sale, the chief executive officer now owns 909,691 shares in the company, valued at $15,482,940.82. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive 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 owns 886,526 shares in the company, valued at $12,127,675.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total value of $1,215,721.58. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $15,482,940.82. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 241,305 shares of company stock worth $3,369,273 in the last ninety days. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RIVN. V Square Quantitative Management LLC raised its holdings in shares of Rivian Automotive by 68.9% in the 4th quarter. V Square Quantitative Management LLC now owns 7,213 shares of the electric vehicle automaker’s stock valued at $169,000 after buying an additional 2,942 shares during the period. Trust Co. of Vermont grew its position in Rivian Automotive by 37.9% in the 4th quarter. Trust Co. of Vermont now owns 6,049 shares of the electric vehicle automaker’s stock valued at $142,000 after acquiring an additional 1,664 shares in the last quarter. Vanguard Group Inc. grew its position in Rivian Automotive by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after acquiring an additional 4,467,881 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its stake in Rivian Automotive by 61.4% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 33,717 shares of the electric vehicle automaker’s stock worth $791,000 after purchasing an additional 12,832 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in shares of Rivian Automotive by 20.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 36,575 shares of the electric vehicle automaker’s stock worth $858,000 after purchasing an additional 6,295 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.