Mizuho Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $11.00

Rivian Automotive (NASDAQ:RIVN) had its target price decreased by Mizuho from $13.00 to $11.00 in a research report report published on Monday morning,Benzinga reports. Mizuho currently has a neutral rating on the electric vehicle automaker’s stock.

A number of other analysts have also commented on the company. Cantor Fitzgerald lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $13.00 to $15.00 in a research note on Friday, February 21st. Baird R W lowered Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Barclays raised 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. TD Cowen started coverage on Rivian Automotive in a research note on Friday, March 7th. They issued a “hold” rating and a $12.70 price target for the company. Finally, Needham & Company LLC raised their price target on Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Three research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $14.64.

Rivian Automotive Stock Up 1.4 %

Shares of Rivian Automotive stock opened at $11.36 on Monday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $18.86. The stock has a market capitalization of $12.84 billion, a price-to-earnings ratio of -2.41 and a beta of 2.03. The company’s 50 day moving average price is $12.52 and its 200-day moving average price is $12.20.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) 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 firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Equities research analysts forecast that Rivian Automotive will post -3.2 EPS for the current year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $13.88, for a total value of $991,434.52. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,983,450.68. This trade represents a 7.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,735,619 over the last three months. 2.51% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently bought and sold shares of RIVN. Capital International Investors bought a new stake in Rivian Automotive in the 4th quarter worth about $144,030,000. Norges Bank bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $123,308,000. Northern Trust Corp grew its stake in shares of Rivian Automotive by 68.5% during the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after purchasing an additional 2,941,928 shares during the period. Twinbeech Capital LP bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $29,944,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after purchasing an additional 2,035,831 shares during the period. 66.25% of the stock is currently owned by institutional investors.

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.