Rivian Automotive (NASDAQ:RIVN – Get Free Report) had its target price cut by equities researchers at Guggenheim from $21.00 to $18.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the electric vehicle automaker’s stock. Guggenheim’s price target indicates a potential upside of 86.53% from the company’s previous close.
Other equities research analysts also recently issued reports about the stock. Wedbush restated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research note on Wednesday, August 7th. Royal Bank of Canada reiterated a “sector perform” rating and set a $15.00 target price on shares of Rivian Automotive in a research report on Friday, August 16th. Cantor Fitzgerald reiterated an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a research report on Monday, September 30th. Needham & Company LLC cut their target price on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $16.95.
Read Our Latest Stock Analysis on RIVN
Rivian Automotive Price Performance
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Analysts expect that Rivian Automotive will post -4.84 EPS for the current year.
Insider Activity
In other news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at $12,127,675.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at $12,127,675.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 169,876 shares of company stock worth $2,153,551 in the last quarter. 2.51% of the stock is owned by corporate insiders.
Institutional Trading of Rivian Automotive
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Rivian Automotive by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after purchasing an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. increased its stake in Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Renaissance Technologies LLC increased its stake in Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares in the last quarter. abrdn plc increased its stake in Rivian Automotive by 17.8% during the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after purchasing an additional 518,561 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Rivian Automotive by 53.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock valued at $39,889,000 after purchasing an additional 1,039,758 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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