Piper Sandler Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $19.00

Rivian Automotive (NASDAQ:RIVN) had its price objective decreased by Piper Sandler from $21.00 to $19.00 in a report issued on Friday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the electric vehicle automaker’s stock.

Several other brokerages also recently issued reports on RIVN. Guggenheim cut their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday. UBS Group lowered their price target on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Wolfe Research initiated coverage on Rivian Automotive in a research note on Thursday, September 5th. They set a “peer perform” rating for the company. JPMorgan Chase & Co. cut their target price on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Tuesday, October 22nd. Finally, Wedbush reissued an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $15.77.

Rivian Automotive Stock Up 5.4 %

Rivian Automotive stock traded up $0.54 during midday trading on Friday, reaching $10.59. The company’s stock had a trading volume of 58,725,001 shares, compared to its average volume of 38,938,688. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $24.61. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The company has a market cap of $10.68 billion, a P/E ratio of -1.78 and a beta of 2.04. The business has a 50-day simple moving average of $11.36 and a 200-day simple moving average of $12.32.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results 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). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. On average, research analysts expect that Rivian Automotive will post -4.84 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Rivian Automotive 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 owns 886,526 shares in the company, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the 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 owns 392,662 shares in the company, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 169,876 shares of company stock worth $2,153,551 over the last three months. 2.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quent Capital LLC raised its holdings in shares of 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 acquiring an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Rivian Automotive by 975.4% during 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 during the period. GHP Investment Advisors Inc. raised its stake in shares of Rivian Automotive by 63.2% during 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 during the period. American Capital Advisory LLC increased its position in shares of Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in shares of Rivian Automotive during the second quarter worth approximately $37,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.