Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report)’s share price gapped down prior to trading on Thursday after The Goldman Sachs Group lowered their price target on the stock from $20.00 to $17.00. The stock had previously closed at $15.34, but opened at $15.00. The Goldman Sachs Group currently has a neutral rating on the stock. Rivian Automotive shares last traded at $14.99, with a volume of 11,210,258 shares changing hands.
Several other equities research analysts have also recently commented on the stock. Cantor Fitzgerald cut their price objective on shares of Rivian Automotive from $29.00 to $27.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 8th. Wedbush decreased their target price on shares of Rivian Automotive from $32.00 to $25.00 and set an “outperform” rating on the stock in a research report on Monday, October 9th. Wolfe Research restated a “peer perform” rating on shares of Rivian Automotive in a research report on Thursday, January 4th. Needham & Company LLC decreased their target price on shares of Rivian Automotive from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Barclays cut their price target on shares of Rivian Automotive from $27.00 to $25.00 and set an “overweight” rating for the company in a report on Wednesday. Seven research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.24.
Insiders Place Their Bets
In other Rivian Automotive news, CFO Claire Mcdonough sold 3,265 shares of the firm’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $17.08, for a total value of $55,766.20. Following the transaction, the chief financial officer now owns 173,030 shares in the company, valued at approximately $2,955,352.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.30% of the company’s stock.
Hedge Funds Weigh In On Rivian Automotive
Several institutional investors have recently bought and sold shares of RIVN. BlackRock Inc. lifted its stake in Rivian Automotive by 9.7% during the second quarter. BlackRock Inc. now owns 55,827,991 shares of the electric vehicle automaker’s stock worth $930,094,000 after purchasing an additional 4,924,020 shares during the last quarter. Forsta AP Fonden purchased a new stake in Rivian Automotive during the third quarter worth $3,054,000. Charles Schwab Investment Management Inc. lifted its position in shares of Rivian Automotive by 6.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,650,630 shares of the electric vehicle automaker’s stock valued at $27,499,000 after acquiring an additional 95,574 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Rivian Automotive by 15.1% in the third quarter. Bank of New York Mellon Corp now owns 2,116,848 shares of the electric vehicle automaker’s stock valued at $51,397,000 after acquiring an additional 277,522 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Rivian Automotive by 159.9% during the second quarter. Renaissance Technologies LLC now owns 3,102,000 shares of the electric vehicle automaker’s stock worth $51,679,000 after buying an additional 1,908,400 shares during the period. 62.79% of the stock is owned by institutional investors and hedge funds.
Rivian Automotive Price Performance
The company has a market capitalization of $14.27 billion, a price-to-earnings ratio of -2.50 and a beta of 2.13. The company has a quick ratio of 3.64, a current ratio of 4.61 and a debt-to-equity ratio of 0.26. The company has a 50 day simple moving average of $19.22 and a 200 day simple moving average of $20.75.
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last released its earnings results on Tuesday, November 7th. The electric vehicle automaker reported ($1.44) EPS for the quarter, topping analysts’ consensus estimates of ($1.61) by $0.17. Rivian Automotive had a negative return on equity of 42.17% and a negative net margin of 148.97%. The company had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter last year, the business posted ($1.57) EPS. Rivian Automotive’s quarterly revenue was up 149.4% compared to the same quarter last year. As a group, research analysts predict that Rivian Automotive, Inc. will post -5.93 EPS for the current year.
Rivian Automotive Company Profile
Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles. It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc The company sells its products directly to customers in the consumer and commercial markets.