Rivian Automotive (NASDAQ:RIVN – Free Report) had its price target lowered by Mizuho from $11.00 to $10.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the electric vehicle automaker’s stock.
RIVN has been the subject of a number of other reports. Truist Financial upped their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Guggenheim dropped their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, February 24th. Cowen initiated coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They set a “hold” rating on the stock. Benchmark reissued a “buy” rating and issued a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday, March 18th. Finally, Barclays lifted their price objective on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Wednesday, January 22nd. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $14.25.
Check Out Our Latest Stock Report on RIVN
Rivian Automotive Price Performance
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $1.43 billion. Analysts anticipate that Rivian Automotive will post -3.2 earnings per share for the current year.
Insider Transactions at Rivian Automotive
In related news, 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 sale, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 185,427 shares of company stock worth $2,237,044. Corporate insiders own 2.51% of the company’s stock.
Institutional Trading of Rivian Automotive
A number of institutional investors have recently bought and sold shares of RIVN. Tandem Financial LLC acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $25,000. Bank of Jackson Hole Trust acquired a new position in Rivian Automotive in the fourth quarter valued at about $27,000. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive during the third quarter worth about $28,000. Orion Capital Management LLC acquired a new position in shares of Rivian Automotive during the 4th quarter worth about $34,000. Finally, Bear Mountain Capital Inc. increased its stake in shares of Rivian Automotive by 208.0% in the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $36,000 after acquiring an additional 1,932 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.
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.
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