Rivian Automotive (NASDAQ:RIVN – Get Rating) had its target price reduced by Mizuho from $80.00 to $70.00 in a research report sent to investors on Monday morning, The Fly reports. They currently have a buy rating on the electric vehicle automaker’s stock.
A number of other brokerages have also recently issued reports on RIVN. Wolfe Research lowered their price target on shares of Rivian Automotive from $130.00 to $78.00 and set an outperform rating for the company in a research report on Friday, March 11th. Robert W. Baird lowered their price target on shares of Rivian Automotive from $84.00 to $67.00 in a research report on Thursday, May 12th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Rivian Automotive from $90.00 to $69.00 in a research report on Friday, May 13th. Exane BNP Paribas raised shares of Rivian Automotive from an underperform rating to a neutral rating in a report on Thursday, May 12th. Finally, Barclays decreased their target price on shares of Rivian Automotive from $38.00 to $24.00 in a report on Friday, May 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of 69.82.
Shares of RIVN opened at 28.44 on Monday. The firm’s 50-day moving average price is 29.26 and its 200-day moving average price is 53.04. The company has a quick ratio of 10.86, a current ratio of 11.19 and a debt-to-equity ratio of 0.07. Rivian Automotive has a 1-year low of 19.25 and a 1-year high of 179.47.
Rivian Automotive (NASDAQ:RIVN – Get Rating) last announced its earnings results on Wednesday, May 11th. The electric vehicle automaker reported -1.43 earnings per share for the quarter, beating analysts’ consensus estimates of -1.50 by 0.07. The company had revenue of 95.00 million for the quarter, compared to the consensus estimate of 113.64 million. Sell-side analysts anticipate that Rivian Automotive will post -6.39 earnings per share for the current year.
In related news, major shareholder Motor Co Ford sold 8,000,000 shares of the company’s stock in a transaction on Monday, May 9th. The shares were sold at an average price of 26.80, for a total transaction of 214,400,000.00. Following the sale, the insider now owns 93,947,494 shares of the company’s stock, valued at 2,517,792,839.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Jeff Baker sold 6,034 shares of the company’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of 25.56, for a total transaction of 154,229.04. Following the sale, the chief accounting officer now directly owns 80,778 shares in the company, valued at approximately 2,064,685.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,006,926 shares of company stock valued at $402,737,029. 2.34% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Amazon com Inc purchased a new stake in Rivian Automotive during the fourth quarter valued at $16,420,746,000. Coatue Management LLC purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at $3,652,616,000. Capital Research Global Investors raised its stake in shares of Rivian Automotive by 20.7% in the first quarter. Capital Research Global Investors now owns 31,074,412 shares of the electric vehicle automaker’s stock valued at $1,520,474,000 after acquiring an additional 5,318,672 shares during the period. BlackRock Inc. purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at $3,195,595,000. Finally, Soros Fund Management LLC purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at $2,056,770,000. 78.67% of the stock is currently owned by institutional investors.
Rivian Automotive Company Profile (Get Rating)
Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.
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