Rivian Automotive (NASDAQ:RIVN) Price Target Raised to $10.00

Rivian Automotive (NASDAQ:RIVN) had its price target increased by JPMorgan Chase & Co. from $9.00 to $10.00 in a report published on Monday,Benzinga reports. The firm currently has an underweight rating on the electric vehicle automaker’s stock.

Several other research analysts have also issued reports on the company. Stifel Nicolaus lowered their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, August 8th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $21.00 target price on shares of Rivian Automotive in a research report on Friday, October 3rd. Guggenheim downgraded Rivian Automotive from a “buy” rating to a “neutral” rating in a report on Monday, July 14th. Mizuho reiterated an “underperform” rating and set a $10.00 price target (down from $14.00) on shares of Rivian Automotive in a report on Monday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $13.76.

Rivian Automotive Stock Down 2.1%

Shares of NASDAQ:RIVN opened at $12.92 on Monday. The firm has a market cap of $15.68 billion, a P/E ratio of -4.00 and a beta of 1.82. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. Rivian Automotive has a 12-month low of $9.50 and a 12-month high of $17.15. The business has a fifty day simple moving average of $13.67 and a 200 day simple moving average of $13.47.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the prior year, the business earned ($1.46) earnings per share. Analysts predict that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Activity

In other news, CFO Claire Mcdonough sold 7,247 shares of the firm’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the sale, the chief financial officer directly owned 789,445 shares in the company, valued at $9,694,384.60. This trade represents a 0.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the completion of the sale, the chief executive officer owned 1,316,205 shares of the company’s stock, valued at approximately $18,426,870. This represents a 1.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,147 shares of company stock valued at $577,593. 2.16% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

Several large investors have recently made changes to their positions in RIVN. Norges Bank acquired a new stake in shares of Rivian Automotive in the 2nd quarter valued at about $105,629,000. Vanguard Group Inc. grew its stake in shares of Rivian Automotive by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock valued at $959,804,000 after buying an additional 5,610,688 shares during the period. Nuveen LLC acquired a new stake in shares of Rivian Automotive in the 1st quarter valued at about $33,582,000. AQR Capital Management LLC lifted its position in Rivian Automotive by 496.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after acquiring an additional 1,918,852 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC lifted its position in Rivian Automotive by 1,353.6% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker’s stock valued at $28,281,000 after acquiring an additional 1,916,686 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.