Robert W. Baird Has Lowered Expectations for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN) had its price target cut by research analysts at Robert W. Baird from $20.00 to $18.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the electric vehicle automaker’s stock. Robert W. Baird’s price objective would indicate a potential upside of 79.10% from the company’s previous close.

A number of other research analysts have also weighed in on RIVN. Needham & Company LLC dropped their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday. JPMorgan Chase & Co. dropped their price target on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 22nd. The Goldman Sachs Group lowered their price objective on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Piper Sandler lowered their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price objective 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, twelve have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and an average target price of $15.91.

Rivian Automotive Stock Up 3.5 %

Shares of NASDAQ RIVN opened at $10.05 on Friday. The stock has a market capitalization of $10.13 billion, a P/E ratio of -1.69 and a beta of 2.04. The company has a 50-day moving average price of $11.43 and a 200-day moving average price of $12.30. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $24.61. 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 issued its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. On average, equities research analysts forecast that Rivian Automotive will post -4.84 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction 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 represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 169,876 shares of company stock valued at $2,153,551. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quent Capital LLC grew its stake in Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 831 shares in the last quarter. GHP Investment Advisors Inc. grew its stake in Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in 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. International Assets Investment Management LLC purchased a new position in Rivian Automotive in the 2nd quarter worth approximately $37,000. Finally, First Horizon Advisors Inc. grew its stake in Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after buying an additional 670 shares in the last quarter. Hedge funds and other 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.