Wells Fargo & Company Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $10.00

Rivian Automotive (NASDAQ:RIVN) had its target price decreased by Wells Fargo & Company from $14.00 to $10.00 in a report issued on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the electric vehicle automaker’s stock.

Several other equities research analysts have also recently issued reports on the company. Stifel Nicolaus reduced their target price on Rivian Automotive from $23.00 to $18.00 and set a buy rating on the stock in a report on Monday, February 26th. Jefferies Financial Group initiated coverage on Rivian Automotive in a report on Thursday, March 7th. They issued a buy rating and a $16.00 target price on the stock. Mizuho dropped their price target on Rivian Automotive from $12.00 to $11.00 and set a neutral rating for the company in a research report on Wednesday. Deutsche Bank Aktiengesellschaft reiterated a hold rating and issued a $15.00 price target on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Finally, Morgan Stanley cut their target price on Rivian Automotive from $14.00 to $13.00 and set an overweight rating on the stock in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $19.00.

Rivian Automotive Stock Performance

Shares of RIVN stock traded up $0.02 on Wednesday, reaching $10.29. The stock had a trading volume of 8,890,674 shares, compared to its average volume of 42,367,328. The stock has a market cap of $10.06 billion, a P/E ratio of -1.77 and a beta of 1.91. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $28.06. 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 company has a 50 day simple moving average of $10.35 and a 200 day simple moving average of $15.00.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly 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. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. Equities research analysts expect that Rivian Automotive will post -4.77 EPS for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the transaction, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Claire Mcdonough sold 2,946 shares of the 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 completion of the transaction, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the transaction, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at $690,829.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,306 shares of company stock worth $717,274. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bear Mountain Capital Inc. acquired a new position in Rivian Automotive during the fourth quarter worth about $26,000. Ancora Advisors LLC acquired a new stake in shares of Rivian Automotive in the third quarter valued at approximately $27,000. First Horizon Advisors Inc. grew its position in shares of Rivian Automotive by 1,537.0% in the third quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after purchasing an additional 1,245 shares during the last quarter. Principal Securities Inc. purchased a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $33,000. Finally, Benjamin Edwards Inc. purchased a new position in shares of Rivian Automotive during the first quarter valued at approximately $33,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.