Rivian Automotive (NASDAQ:RIVN) PT Lowered to $10.00 at Wells Fargo & Company

Rivian Automotive (NASDAQ:RIVN) had its target price reduced by stock analysts at Wells Fargo & Company from $14.00 to $10.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the electric vehicle automaker’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 0.70% from the company’s current price.

Several other analysts also recently commented on RIVN. Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $15.00 to $21.00 in a research note on Friday, March 15th. Evercore ISI decreased their target price on shares of Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a research report on Thursday, February 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 price target on shares of Rivian Automotive in a report on Wednesday. Stifel Nicolaus decreased their price objective on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating on the stock in a report on Monday, February 26th. Finally, Mizuho dropped their target price on shares of Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Wednesday. One 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. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.35.

Rivian Automotive Stock Performance

NASDAQ RIVN traded down $0.32 during trading hours on Wednesday, hitting $9.93. The company had a trading volume of 37,357,238 shares, compared to its average volume of 42,429,215. The business has a 50 day moving average of $10.37 and a 200-day moving average of $15.04. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $28.06. The company has a market cap of $9.71 billion, a PE ratio of -1.73 and a beta of 1.91.

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 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 the consensus estimate of $1.28 billion. As a group, equities research analysts expect that Rivian Automotive will post -4.77 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the sale, 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 through this hyperlink. Also, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction that occurred on 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 approximately $690,829.70. The disclosure for this sale can be found here. Insiders have sold a total of 54,306 shares of company stock valued at $717,274 in the last quarter. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently added to or reduced their stakes in the company. Qsemble Capital Management LP grew its stake in Rivian Automotive by 626.4% during the first quarter. Qsemble Capital Management LP now owns 172,084 shares of the electric vehicle automaker’s stock worth $1,884,000 after buying an additional 148,393 shares during the period. Capital Square LLC lifted its holdings in shares of Rivian Automotive by 23.5% during the 1st quarter. Capital Square LLC now owns 11,195 shares of the electric vehicle automaker’s stock valued at $123,000 after acquiring an additional 2,130 shares in the last quarter. Montag A & Associates Inc. increased its holdings in Rivian Automotive by 16.3% in the 1st quarter. Montag A & Associates Inc. now owns 13,700 shares of the electric vehicle automaker’s stock valued at $150,000 after purchasing an additional 1,917 shares in the last quarter. Forsta AP Fonden raised its position in Rivian Automotive by 14.2% in the first quarter. Forsta AP Fonden now owns 139,400 shares of the electric vehicle automaker’s stock valued at $1,526,000 after purchasing an additional 17,300 shares during the period. Finally, Zevenbergen Capital Investments LLC lifted its stake in shares of Rivian Automotive by 41.5% during the first quarter. Zevenbergen Capital Investments LLC now owns 254,467 shares of the electric vehicle automaker’s stock worth $2,786,000 after purchasing an additional 74,595 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.