Mizuho Has Lowered Expectations for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN) had its target price dropped by Mizuho from $13.00 to $11.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the electric vehicle automaker’s stock. Mizuho’s price target suggests a potential downside of 1.79% from the company’s previous close.

RIVN has been the subject of several other research reports. TD Cowen assumed coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They issued a “hold” rating and a $12.70 price target for the company. Wells Fargo & Company upped their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Guggenheim cut their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, February 24th. Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. Finally, Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target on the stock. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $14.64.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $11.20 on Monday. The company’s 50-day moving average price is $12.57 and its 200-day moving average price is $12.21. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $18.86. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a market cap of $12.66 billion, a PE ratio of -2.37 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, equities research analysts forecast that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $13.88, for a total value of $991,434.52. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,983,450.68. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,427 shares of company stock valued at $2,735,619. 2.51% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of large investors have recently bought and sold shares of RIVN. Tandem Financial LLC bought a new position in Rivian Automotive in the fourth quarter valued at about $25,000. Bank of Jackson Hole Trust acquired a new stake in shares of Rivian Automotive during the fourth quarter worth about $27,000. Wilmington Savings Fund Society FSB acquired a new stake in Rivian Automotive in the 3rd quarter valued at approximately $28,000. Orion Capital Management LLC acquired a new stake in Rivian Automotive in the 4th quarter valued at approximately $34,000. Finally, Bear Mountain Capital Inc. grew its stake in Rivian Automotive by 208.0% in the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $36,000 after purchasing an additional 1,932 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

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.