The Goldman Sachs Group Issues Pessimistic Forecast for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN) had its price target cut by The Goldman Sachs Group from $14.00 to $12.00 in a research note released on Thursday,Benzinga reports. They currently have a neutral rating on the electric vehicle automaker’s stock.

Several other analysts have also recently issued reports on RIVN. Robert W. Baird reissued a “neutral” rating and set a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Barclays upped their price target on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company lifted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Bank of America downgraded shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Finally, Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target on the stock. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $14.25.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $11.47 on Thursday. The business has a fifty day simple moving average of $11.99 and a 200-day simple moving average of $12.05. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $18.86. The company has a market cap of $12.97 billion, a P/E ratio of -2.43 and a beta of 1.89. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Equities research analysts forecast that Rivian Automotive will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the transaction, the chief executive officer now owns 853,011 shares of the company’s stock, valued at approximately $9,596,373.75. This trade represents a 7.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock valued at $2,237,044 in the last three months. Corporate insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. Tandem Financial LLC bought a new stake in Rivian Automotive during the fourth quarter valued at $25,000. Bank of Jackson Hole Trust acquired a new stake in Rivian Automotive during the fourth quarter worth about $27,000. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive in the third quarter worth about $28,000. Orion Capital Management LLC bought a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $34,000. Finally, Bear Mountain Capital Inc. raised its position in shares of Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after purchasing an additional 1,932 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

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.