Wells Fargo & Company Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $15.00

Rivian Automotive (NASDAQ:RIVN) had its price objective cut by investment analysts at Wells Fargo & Company from $18.00 to $15.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the electric vehicle automaker’s stock. Wells Fargo & Company‘s price target points to a potential upside of 5.26% from the stock’s previous close.

A number of other research firms have also commented on RIVN. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $19.00 price objective on shares of Rivian Automotive in a research note on Monday. Morgan Stanley upped their price objective on shares of Rivian Automotive from $13.00 to $17.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Piper Sandler reaffirmed an “overweight” rating and set a $21.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 26th. Mizuho upped their price objective on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Finally, Royal Bank of Canada upped their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “sector perform” rating in a research note on Monday, July 1st. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.71.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock traded down $0.55 during trading on Wednesday, hitting $14.25. 23,886,598 shares of the stock were exchanged, compared to its average volume of 42,945,895. The stock’s fifty day moving average is $13.99 and its 200 day moving average is $12.53. The stock has a market cap of $14.18 billion, a PE ratio of -2.47 and a beta of 2.09. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $25.73.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. As a group, sell-side analysts anticipate that Rivian Automotive will post -4.68 EPS for the current year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at $10,234,023.75. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $16,374,438. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 485,716 shares of company stock worth $7,509,309. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. SteelPeak Wealth LLC bought a new position in shares of Rivian Automotive during the first quarter valued at $265,000. Sapient Capital LLC bought a new position in shares of Rivian Automotive during the fourth quarter valued at $330,000. DekaBank Deutsche Girozentrale lifted its holdings in shares of Rivian Automotive by 36.9% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 374,593 shares of the electric vehicle automaker’s stock valued at $8,752,000 after acquiring an additional 101,039 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Rivian Automotive by 1,944.2% during the fourth quarter. International Assets Investment Management LLC now owns 140,291 shares of the electric vehicle automaker’s stock valued at $3,291,000 after acquiring an additional 133,428 shares during the period. Finally, Berkshire Capital Holdings Inc. lifted its holdings in shares of Rivian Automotive by 3,511,500.0% during the fourth quarter. Berkshire Capital Holdings Inc. now owns 351,160 shares of the electric vehicle automaker’s stock valued at $8,238,000 after acquiring an additional 351,150 shares during the period. 66.25% of the stock is owned by institutional investors.

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.