Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $28.00

Rivian Automotive (NASDAQ:RIVN – Get Rating) had its price objective decreased by investment analysts at Morgan Stanley from $55.00 to $28.00 in a note issued to investors on Wednesday, The Fly reports. Morgan Stanley’s price objective points to a potential upside of 55.12% from the company’s current price.

A number of other equities analysts have also recently weighed in on the company. Wells Fargo & Company cut their price target on Rivian Automotive from $35.00 to $32.00 and set an “equal weight” rating for the company in a report on Thursday, November 10th. The Goldman Sachs Group cut their price target on Rivian Automotive from $41.00 to $19.00 in a report on Tuesday, January 10th. Evercore ISI assumed coverage on Rivian Automotive in a report on Tuesday, November 29th. They issued an “in-line” rating and a $35.00 price target for the company. Piper Sandler cut their price target on Rivian Automotive from $83.00 to $63.00 and set an “overweight” rating for the company in a report on Thursday, November 10th. Finally, Cantor Fitzgerald started coverage on Rivian Automotive in a research note on Tuesday, December 20th. They issued an “overweight” rating and a $22.00 target price for the company. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $41.38.

Rivian Automotive Stock Down 0.3 %

RIVN opened at $18.05 on Wednesday. The business’s fifty day moving average is $22.82 and its two-hundred day moving average is $30.01. The company has a debt-to-equity ratio of 0.08, a quick ratio of 6.39 and a current ratio of 6.84. The company has a market cap of $16.62 billion, a price-to-earnings ratio of -1.74 and a beta of 1.83. Rivian Automotive has a one year low of $15.28 and a one year high of $71.50.

Rivian Automotive (NASDAQ:RIVN – Get Rating) last posted its earnings results on Wednesday, November 9th. The electric vehicle automaker reported ($1.57) EPS for the quarter, topping analysts’ consensus estimates of ($1.78) by $0.21. Rivian Automotive had a negative return on equity of 32.42% and a negative net margin of 714.01%. The company had revenue of $536.00 million for the quarter, compared to the consensus estimate of $513.89 million. Analysts anticipate that Rivian Automotive will post -7.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 14,235 shares of the company’s stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $34.92, for a total value of $497,086.20. Following the completion of the sale, the chief financial officer now owns 81,151 shares of the company’s stock, valued at $2,833,792.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CAO Jeff Baker sold 1,689 shares of the company’s stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $34.38, for a total value of $58,067.82. Following the completion of the sale, the chief accounting officer now owns 89,331 shares of the company’s stock, valued at $3,071,199.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 14,235 shares of the company’s stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $34.92, for a total value of $497,086.20. Following the completion of the sale, the chief financial officer now directly owns 81,151 shares of the company’s stock, valued at approximately $2,833,792.92. The disclosure for this sale can be found here. 2.34% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RIVN. Bartlett & Co. LLC boosted its holdings in Rivian Automotive by 104.2% in the second quarter. Bartlett & Co. LLC now owns 980 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 500 shares during the last quarter. Concord Wealth Partners purchased a new position in Rivian Automotive in the second quarter valued at about $25,000. Gould Capital LLC boosted its holdings in Rivian Automotive by 175.4% in the third quarter. Gould Capital LLC now owns 785 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 500 shares during the last quarter. Venture Visionary Partners LLC purchased a new position in Rivian Automotive in the second quarter valued at about $27,000. Finally, Seeyond purchased a new position in Rivian Automotive in the second quarter valued at about $27,000. Hedge funds and other institutional investors own 67.97% of the company’s stock.

About Rivian Automotive

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Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.