Rivian Automotive (NASDAQ:RIVN) Price Target Lowered to $12.00 at Truist Financial

Rivian Automotive (NASDAQ:RIVN) had its target price cut by analysts at Truist Financial from $16.00 to $12.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “hold” rating on the electric vehicle automaker’s stock. Truist Financial’s target price suggests a potential upside of 17.99% from the stock’s current price.

A number of other research firms have also commented on RIVN. Cantor Fitzgerald restated an “overweight” rating and set a $19.00 price objective on shares of Rivian Automotive in a research note on Monday, September 30th. Wedbush reiterated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a report on Wednesday, August 7th. The Goldman Sachs Group lowered their target price on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Barclays lowered their price target on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday. Finally, UBS Group cut their price target 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. One equities research 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 MarketBeat, Rivian Automotive currently has an average rating of “Hold” and a consensus target price of $17.18.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN traded up $0.02 during trading hours on Wednesday, reaching $10.17. 8,567,243 shares of the stock were exchanged, compared to its average volume of 39,648,250. The firm has a market capitalization of $10.12 billion, a price-to-earnings ratio of -1.78 and a beta of 2.03. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $24.61. The stock’s fifty day simple moving average is $12.69 and its 200 day simple moving average is $12.28.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results 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). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Sell-side analysts predict that Rivian Automotive will post -4.88 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction 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 directly owns 909,691 shares in the company, valued at $15,482,940.82. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were 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 of the company’s stock, valued at $12,127,675.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was 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 directly owns 909,691 shares in the company, valued at $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 sold 241,305 shares of company stock worth $3,369,273 in the last three months. 2.30% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

Several institutional investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. grew its position in Rivian Automotive by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after purchasing an additional 604 shares during the last quarter. First Horizon Advisors Inc. grew its position in Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after purchasing an additional 670 shares during the last quarter. GAMMA Investing LLC grew its position in Rivian Automotive by 28.0% during 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 grew its position in Rivian Automotive by 8.1% during the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after purchasing an additional 815 shares during the last quarter. 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 valued at $136,000 after purchasing an additional 823 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.