Rivian Automotive (NASDAQ:RIVN) PT Lowered to $13.00 at Barclays

Rivian Automotive (NASDAQ:RIVN) had its price objective cut by Barclays from $16.00 to $13.00 in a report published on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the electric vehicle automaker’s stock.

Other equities research analysts have also recently issued research reports about the company. Wedbush restated an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a research note on Wednesday, August 7th. Guggenheim assumed coverage on shares of Rivian Automotive in a report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 target price for the company. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $14.00 price target on shares of Rivian Automotive in a research note on Tuesday, September 10th. Wells Fargo & Company decreased their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, DA Davidson lifted their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, June 28th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $17.18.

Rivian Automotive Trading Down 1.2 %

Shares of NASDAQ RIVN opened at $10.12 on Tuesday. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $24.61. The business’s 50 day moving average is $12.53 and its two-hundred day moving average is $12.26. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (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 analyst estimates of $1.17 billion. As a group, equities research analysts predict that Rivian Automotive will post -4.88 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total value of $1,215,721.58. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $15,482,940.82. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total value of $1,215,721.58. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $15,482,940.82. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 241,305 shares of company stock worth $3,369,273. Company insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Quent Capital LLC grew its holdings in Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 2,380 shares in the last quarter. Benjamin Edwards Inc. purchased a new stake in shares of Rivian Automotive in the 1st quarter worth about $33,000. International Assets Investment Management LLC acquired a new stake in Rivian Automotive in the 2nd quarter valued at about $37,000. Finally, First Horizon Advisors Inc. increased its holdings in Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after acquiring an additional 670 shares in the last quarter. 66.25% of the stock is 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.