Rivian Automotive (NASDAQ:RIVN) Price Target Lowered to $13.00 at Barclays

Rivian Automotive (NASDAQ:RIVN) had its target price cut by equities researchers at Barclays from $16.00 to $13.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the electric vehicle automaker’s stock. Barclays‘s target price would suggest a potential upside of 26.95% from the company’s previous close.

Several other equities research analysts have also recently commented on the company. Piper Sandler restated an “overweight” rating and set a $21.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 26th. DA Davidson increased their price objective on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, June 28th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $14.00 price objective on shares of Rivian Automotive in a research report on Tuesday, September 10th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research report on Friday, August 16th. Finally, Canaccord Genuity Group cut their price objective on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $17.18.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $10.24 on Tuesday. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $24.61. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The business has a 50 day simple moving average of $12.60 and a 200-day simple moving average of $12.27. The stock has a market capitalization of $10.19 billion, a PE ratio of -1.77 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate 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 company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Equities analysts predict that Rivian Automotive will post -4.88 earnings per share for the current year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Thursday, September 12th. The stock was 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 of the company’s stock, valued at $12,127,675.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $12,127,675.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 241,305 shares of company stock valued at $3,369,273 over the last quarter. Insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently added to or reduced their stakes in the business. Quent Capital LLC raised its holdings in shares of Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 831 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares during the period. Benjamin Edwards Inc. purchased a new position in shares of Rivian Automotive in the 1st quarter worth about $33,000. International Assets Investment Management LLC purchased a new position in shares of Rivian Automotive in the 2nd quarter worth about $37,000. Finally, First Horizon Advisors Inc. raised its holdings in shares of Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after purchasing an additional 670 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

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.