Rivian Automotive (NASDAQ:RIVN) Given New $18.00 Price Target at Robert W. Baird

Rivian Automotive (NASDAQ:RIVN) had its price target reduced by Robert W. Baird from $20.00 to $18.00 in a research note released on Friday,Benzinga reports. They currently have an outperform rating on the electric vehicle automaker’s stock.

RIVN has been the topic of a number of other research reports. Canaccord Genuity Group cut their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, October 7th. Royal Bank of Canada reissued a “sector perform” rating and set a $15.00 price objective on shares of Rivian Automotive in a report on Friday, August 16th. Morgan Stanley cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. UBS Group cut their price objective on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Finally, Piper Sandler cut their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $15.77.

Rivian Automotive Stock Up 5.4 %

Rivian Automotive stock traded up $0.54 during trading on Friday, reaching $10.59. The stock had a trading volume of 58,725,001 shares, compared to its average volume of 38,938,688. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $24.61. The business has a 50 day moving average price of $11.36 and a 200 day moving average price of $12.32. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The stock has a market cap of $10.68 billion, a PE ratio of -1.78 and a beta of 2.04.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. On average, analysts predict that Rivian Automotive will post -4.84 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 169,876 shares of company stock valued at $2,153,551 over the last 90 days. 2.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the business. John G Ullman & Associates Inc. increased its stake in Rivian Automotive by 9.1% in the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after purchasing an additional 1,000 shares in the last quarter. Citizens Financial Group Inc. RI acquired a new stake in Rivian Automotive in the 3rd quarter worth approximately $136,000. Moors & Cabot Inc. lifted its holdings in shares of Rivian Automotive by 34.8% during the third quarter. Moors & Cabot Inc. now owns 24,195 shares of the electric vehicle automaker’s stock worth $271,000 after buying an additional 6,250 shares during the last quarter. First Horizon Advisors Inc. increased its position in shares of Rivian Automotive by 51.9% during the third quarter. First Horizon Advisors Inc. now owns 4,331 shares of the electric vehicle automaker’s stock valued at $49,000 after purchasing an additional 1,479 shares during the period. Finally, Advisors Asset Management Inc. increased its position in shares of Rivian Automotive by 19.1% during the third quarter. Advisors Asset Management Inc. now owns 41,207 shares of the electric vehicle automaker’s stock valued at $462,000 after purchasing an additional 6,620 shares during the period. 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.