Barclays Trims Rivian Automotive (NASDAQ:RIVN) Target Price to $10.00

Rivian Automotive (NASDAQ:RIVN) had its price target decreased by Barclays from $12.00 to $10.00 in a research report report published on Friday, Benzinga reports. Barclays currently has an equal weight rating on the electric vehicle automaker’s stock.

Several other research analysts have also recently issued reports on the stock. Evercore ISI reduced their target price on shares of Rivian Automotive from $35.00 to $25.00 and set an outperform rating for the company in a report on Thursday, February 22nd. The Goldman Sachs Group decreased their price objective on Rivian Automotive from $20.00 to $17.00 and set a neutral rating for the company in a report on Thursday, January 25th. Jefferies Financial Group began coverage on Rivian Automotive in a report on Thursday, March 7th. They set a buy rating and a $16.00 target price on the stock. Stifel Nicolaus decreased their price target on Rivian Automotive from $23.00 to $18.00 and set a buy rating for the company in a report on Monday, February 26th. Finally, UBS Group raised shares of Rivian Automotive from a sell rating to a neutral rating and set a $9.00 price target on the stock in a report on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of Moderate Buy and an average target price of $19.61.

Rivian Automotive Stock Up 1.9 %

Rivian Automotive stock opened at $8.79 on Friday. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $28.06. The company has a market cap of $8.59 billion, a PE ratio of -1.53 and a beta of 1.88. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. The business’s 50-day simple moving average is $11.39 and its two-hundred day simple moving average is $15.77.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Equities analysts anticipate that Rivian Automotive will post -4.79 EPS for the current year.

Insider Activity

In related news, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares in the company, valued at $2,523,133.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock worth $717,274 over the last three months. Insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds have recently made changes to their positions in the company. Federated Hermes Inc. lifted its holdings in Rivian Automotive by 8.2% in the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock valued at $201,000 after acquiring an additional 651 shares during the last quarter. Moneta Group Investment Advisors LLC lifted its stake in shares of Rivian Automotive by 5.3% in the 3rd quarter. Moneta Group Investment Advisors LLC now owns 13,335 shares of the electric vehicle automaker’s stock valued at $324,000 after purchasing an additional 668 shares during the last quarter. Laidlaw Wealth Management LLC grew its holdings in shares of Rivian Automotive by 7.5% during the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after purchasing an additional 718 shares during the period. Jamison Private Wealth Management Inc. increased its position in shares of Rivian Automotive by 10.8% during the 4th quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock worth $175,000 after purchasing an additional 727 shares during the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its holdings in Rivian Automotive by 13.7% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 6,416 shares of the electric vehicle automaker’s stock valued at $156,000 after buying an additional 775 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.