Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $11.00 by Analysts at Mizuho

Rivian Automotive (NASDAQ:RIVN) had its price objective dropped by equities researchers at Mizuho from $12.00 to $11.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the electric vehicle automaker’s stock. Mizuho’s price objective suggests a potential upside of 7.32% from the company’s previous close.

A number of other research firms have also recently weighed in on RIVN. Bank of America reduced their price target on Rivian Automotive from $40.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $15.00 target price on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Truist Financial reissued a “hold” rating and issued a $10.00 price target (down previously from $11.00) on shares of Rivian Automotive in a report on Thursday, May 2nd. Stifel Nicolaus decreased their price objective on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating on the stock in a report on Monday, February 26th. Finally, Jefferies Financial Group started coverage on shares of Rivian Automotive in a research note on Thursday, March 7th. They set a “buy” rating and a $16.00 target price for the company. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $19.52.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN opened at $10.25 on Wednesday. The company has a 50 day simple moving average of $10.37 and a two-hundred day simple moving average of $15.04. The stock has a market cap of $10.02 billion, a price-to-earnings ratio of -1.79 and a beta of 1.91. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. As a group, analysts predict that Rivian Automotive will post -4.77 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the transaction, the chief financial officer now owns 155,749 shares in the company, valued at $2,523,133.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Kjell Gruner sold 19,935 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The disclosure for this sale can be found here. Insiders have sold 54,306 shares of company stock valued at $717,274 in the last ninety days. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently modified their holdings of RIVN. Qsemble Capital Management LP lifted its position in shares of Rivian Automotive by 626.4% during the 1st quarter. Qsemble Capital Management LP now owns 172,084 shares of the electric vehicle automaker’s stock valued at $1,884,000 after acquiring an additional 148,393 shares during the period. Capital Square LLC grew its stake in Rivian Automotive by 23.5% in the 1st quarter. Capital Square LLC now owns 11,195 shares of the electric vehicle automaker’s stock valued at $123,000 after acquiring an additional 2,130 shares during the last quarter. Montag A & Associates Inc. increased its holdings in Rivian Automotive by 16.3% during the 1st quarter. Montag A & Associates Inc. now owns 13,700 shares of the electric vehicle automaker’s stock valued at $150,000 after acquiring an additional 1,917 shares in the last quarter. Forsta AP Fonden raised its position in Rivian Automotive by 14.2% during the first quarter. Forsta AP Fonden now owns 139,400 shares of the electric vehicle automaker’s stock worth $1,526,000 after acquiring an additional 17,300 shares during the last quarter. Finally, Zevenbergen Capital Investments LLC lifted its holdings in shares of Rivian Automotive by 41.5% in the first quarter. Zevenbergen Capital Investments LLC now owns 254,467 shares of the electric vehicle automaker’s stock valued at $2,786,000 after purchasing an additional 74,595 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.