Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $11.00 by Analysts at The Goldman Sachs Group

Rivian Automotive (NASDAQ:RIVN) had its price objective trimmed by The Goldman Sachs Group from $13.00 to $11.00 in a research report report published on Tuesday morning, Benzinga reports. The firm currently has a neutral rating on the electric vehicle automaker’s stock.

A number of other equities analysts have also recently weighed in on the company. Wells Fargo & Company decreased their price objective on Rivian Automotive from $18.00 to $15.00 and set an equal weight rating on the stock in a report on Wednesday, August 7th. Needham & Company LLC decreased their target price on shares of Rivian Automotive from $20.00 to $18.00 and set a buy rating on the stock in a research report on Wednesday, August 7th. Barclays upped their price target on shares of Rivian Automotive from $14.00 to $16.00 and gave the company an equal weight rating in a research report on Tuesday, July 16th. Wolfe Research began coverage on Rivian Automotive in a report on Thursday, September 5th. They issued a peer perform rating on the stock. Finally, Guggenheim started coverage on Rivian Automotive in a report on Tuesday, June 25th. They set a buy rating and a $18.00 target price for the company. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $17.68.

Rivian Automotive Trading Down 0.2 %

Shares of Rivian Automotive stock opened at $10.47 on Tuesday. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $24.61. The firm has a market cap of $10.42 billion, a PE ratio of -1.81 and a beta of 2.03. The company has a 50 day simple moving average of $13.08 and a two-hundred day simple moving average of $12.29.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. Analysts expect that Rivian Automotive will post -4.92 earnings per share for the current fiscal year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $16,374,438. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $16,374,438. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 441,305 shares of company stock worth $6,969,273 in the last quarter. 2.30% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Fairman Group LLC bought a new stake in Rivian Automotive in the fourth quarter worth $36,000. Quent Capital LLC grew its position in Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares during the last quarter. Creekmur Asset Management LLC bought a new stake in Rivian Automotive during the 4th quarter valued at about $51,000. EverSource Wealth Advisors LLC raised its holdings in Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 2,380 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of Rivian Automotive in the second quarter worth approximately $37,000. Hedge funds and other institutional investors 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.