Rivian Automotive (NASDAQ:RIVN) Price Target Lowered to $18.00 at Guggenheim

Rivian Automotive (NASDAQ:RIVN) had its price target lowered by Guggenheim from $21.00 to $18.00 in a report published on Wednesday, Benzinga reports. The firm currently has a buy rating on the electric vehicle automaker’s stock.

Several other equities research analysts have also recently commented on the company. Wolfe Research started coverage on Rivian Automotive in a research note on Thursday, September 5th. They set a “peer perform” rating for the company. Barclays reduced their price objective on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. 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. UBS Group reduced their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Finally, Needham & Company LLC dropped their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $16.95.

Rivian Automotive Trading Down 8.3 %

Shares of NASDAQ RIVN opened at $9.71 on Wednesday. The firm has a 50 day moving average price of $11.51 and a two-hundred day moving average price of $12.32. The stock has a market cap of $9.79 billion, a P/E ratio of -1.63 and a beta of 2.04. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $24.61. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $1.17 billion. As a group, equities analysts forecast that Rivian Automotive will post -4.84 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 169,876 shares of company stock valued at $2,153,551 in the last quarter. 2.51% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently modified their holdings of RIVN. Norden Group LLC purchased a new stake in Rivian Automotive during the 1st quarter valued at about $132,000. Private Advisor Group LLC increased its holdings in Rivian Automotive by 3.1% in the 1st quarter. Private Advisor Group LLC now owns 48,243 shares of the electric vehicle automaker’s stock worth $528,000 after buying an additional 1,432 shares during the period. Janney Montgomery Scott LLC raised its position in Rivian Automotive by 19.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 171,243 shares of the electric vehicle automaker’s stock worth $1,875,000 after buying an additional 27,784 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in Rivian Automotive by 27.5% during the 1st quarter. Daiwa Securities Group Inc. now owns 76,544 shares of the electric vehicle automaker’s stock valued at $838,000 after acquiring an additional 16,487 shares during the period. Finally, Larson Financial Group LLC lifted its stake in Rivian Automotive by 95.4% during the 1st quarter. Larson Financial Group LLC now owns 16,854 shares of the electric vehicle automaker’s stock valued at $185,000 after acquiring an additional 8,228 shares during the period. 66.25% of the stock is currently owned by 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.