Robert W. Baird Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $14.00

Rivian Automotive (NASDAQ:RIVN) had its target price lowered by analysts at Robert W. Baird from $16.00 to $14.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the electric vehicle automaker’s stock. Robert W. Baird’s target price suggests a potential upside of 16.38% from the stock’s current price.

RIVN has been the topic 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 target price on the stock. Barclays lifted their price objective on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 22nd. Sanford C. Bernstein assumed coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price for the company. Wells Fargo & Company lifted their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Friday, February 21st. Finally, Piper Sandler downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $19.00 to $13.00 in a research note on Thursday, March 20th. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $14.17.

Rivian Automotive Trading Up 4.9 %

RIVN stock opened at $12.03 on Tuesday. Rivian Automotive has a 52-week low of $8.26 and a 52-week 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 firm has a market cap of $13.60 billion, a P/E ratio of -2.55 and a beta of 1.89. The company’s 50-day simple moving average is $11.97 and its 200-day simple moving average is $12.06.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data 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. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. As a group, equities analysts forecast that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction on 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 of the company’s stock, valued at approximately $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 SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $9,596,373.75. The trade was a 7.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock valued at $2,237,044 over the last 90 days. 2.51% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

Hedge funds have recently made changes to their positions in the business. Quantinno Capital Management LP purchased a new position in Rivian Automotive in the 3rd quarter valued at approximately $183,000. Orion Portfolio Solutions LLC raised its position in Rivian Automotive by 327.5% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 42,747 shares of the electric vehicle automaker’s stock valued at $480,000 after purchasing an additional 32,747 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Rivian Automotive by 1.8% during the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after buying an additional 223,860 shares in the last quarter. Toronto Dominion Bank increased its stake in shares of Rivian Automotive by 46.2% during the third quarter. Toronto Dominion Bank now owns 100,700 shares of the electric vehicle automaker’s stock worth $1,130,000 after buying an additional 31,815 shares during the period. Finally, Virtu Financial LLC acquired a new stake in Rivian Automotive in the third quarter valued at approximately $4,184,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.