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

Rivian Automotive (NASDAQ:RIVN) had its target price reduced by Barclays from $12.00 to $10.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an equal weight rating on the electric vehicle automaker’s stock.

Other analysts have also recently issued research reports about the stock. Needham & Company LLC cut their price target on shares of Rivian Automotive from $18.00 to $13.00 and set a buy rating on the stock in a research report on Thursday, April 18th. Truist Financial reaffirmed a hold rating and set a $11.00 target price on shares of Rivian Automotive in a research note on Friday, April 12th. Morgan Stanley dropped their price target 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. Robert W. Baird reduced their price objective on shares of Rivian Automotive from $30.00 to $23.00 and set an outperform rating for the company in a research report on Thursday, February 22nd. Finally, Piper Sandler upgraded shares of Rivian Automotive from a neutral rating to an overweight rating and lifted their price objective for the company from $15.00 to $21.00 in a research note on Friday, March 15th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of Moderate Buy and an average price target of $19.61.

Rivian Automotive Price Performance

Shares of RIVN opened at $8.79 on Friday. The business has a 50-day moving average of $11.39 and a 200-day moving average of $15.77. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The company has a market capitalization of $8.59 billion, a price-to-earnings ratio of -1.53 and a beta of 1.88. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $28.06.

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

Insider Activity at Rivian Automotive

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the transaction, the insider now directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction that occurred on 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 owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. In the last three months, insiders sold 54,306 shares of company stock valued at $717,274. 2.30% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors and hedge funds have recently modified their holdings of RIVN. Price T Rowe Associates Inc. MD grew its stake in Rivian Automotive by 35.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after purchasing an additional 25,550,489 shares during the period. Norges Bank purchased a new stake in Rivian Automotive during the fourth quarter worth about $129,427,000. Vanguard Group Inc. increased its holdings in Rivian Automotive by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after buying an additional 4,467,881 shares during the last quarter. Wellington Management Group LLP raised its position in Rivian Automotive by 228.5% in the third quarter. Wellington Management Group LLP now owns 3,630,315 shares of the electric vehicle automaker’s stock worth $88,144,000 after acquiring an additional 2,525,142 shares during the period. Finally, Morgan Stanley boosted its stake in Rivian Automotive by 14.0% in the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after acquiring an additional 1,193,650 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other 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.