Rivian Automotive (NASDAQ:RIVN – Free Report) had its target price trimmed by The Goldman Sachs Group from $13.00 to $11.00 in a research report released on Tuesday, Benzinga reports. The firm currently has a neutral rating on the electric vehicle automaker’s stock.
A number of other research firms have also issued reports on RIVN. DA Davidson raised their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a neutral rating in a research note on Friday, June 28th. Mizuho lifted their price objective on Rivian Automotive from $11.00 to $15.00 and gave the stock a neutral rating in a research note on Friday, July 12th. Guggenheim assumed coverage on Rivian Automotive in a research note on Tuesday, June 25th. They set a buy rating and a $18.00 target price for the company. Deutsche Bank Aktiengesellschaft reaffirmed a hold rating and issued a $14.00 price target on shares of Rivian Automotive in a research report on Tuesday, September 10th. Finally, Needham & Company LLC reduced their price objective on Rivian Automotive from $20.00 to $18.00 and set a buy rating for the company in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average price target of $17.68.
View Our Latest Analysis on RIVN
Rivian Automotive Price Performance
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last posted its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $1.17 billion. On average, analysts anticipate that Rivian Automotive will post -4.92 earnings per share for the current fiscal year.
Insider Transactions at Rivian Automotive
In related news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 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. In the last ninety days, insiders sold 241,305 shares of company stock valued at $3,369,273. Corporate insiders own 2.30% of the company’s stock.
Hedge Funds Weigh In On Rivian Automotive
Institutional investors have recently bought and sold shares of the business. Royal London Asset Management Ltd. raised its holdings in shares of Rivian Automotive by 19.6% in the second quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock valued at $4,027,000 after buying an additional 49,216 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Rivian Automotive by 102.8% in the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after acquiring an additional 1,257,106 shares during the last quarter. SteelPeak Wealth LLC acquired a new position in shares of Rivian Automotive during the first quarter worth approximately $265,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Rivian Automotive during the second quarter valued at approximately $9,388,000. Finally, Berkshire Capital Holdings Inc. increased its holdings in shares of Rivian Automotive by 3,511,500.0% in 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 purchasing an additional 351,150 shares in the last quarter. 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.
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