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

by · The Cerbat Gem

Rivian Automotive (NASDAQ:RIVN – Free Report) had its price target reduced by The Goldman Sachs Group from $13.00 to $11.00 in a research note published on Tuesday, Benzinga reports. They currently have a neutral rating on the electric vehicle automaker’s stock.

Several other equities research analysts have also recently commented on the company. Canaccord Genuity Group decreased their target price on Rivian Automotive from $30.00 to $28.00 and set a buy rating for the company in a research note on Monday, October 7th. Royal Bank of Canada reiterated a sector perform rating and issued a $15.00 price objective on shares of Rivian Automotive in a research note on Friday, August 16th. Truist Financial increased their target price on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a hold rating in a research note on Friday, August 2nd. Guggenheim started coverage on shares of Rivian Automotive in a research note on Tuesday, June 25th. They issued a buy rating and a $18.00 price target for the company. Finally, Mizuho raised their target price on Rivian Automotive from $11.00 to $15.00 and gave the company a neutral rating in a research note on Friday, July 12th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of Hold and a consensus target price of $17.68.

View Our Latest Stock Analysis on RIVN

Rivian Automotive Stock Up 2.3 %

Rivian Automotive stock opened at $10.50 on Tuesday. The firm has a market cap of $10.45 billion, a price-to-earnings ratio of -1.82 and a beta of 2.03. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $24.61. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The firm has a 50 day moving average price of $12.77 and a two-hundred day moving average price of $12.26.

Rivian Automotive (NASDAQ:RIVN – Get Free Report) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. Equities analysts predict that Rivian Automotive will post -4.88 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total value of $1,215,721.58. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $15,482,940.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total value of $1,215,721.58. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $15,482,940.82. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 241,305 shares of company stock valued at $3,369,273. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Quent Capital LLC boosted its stake in 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 lifted its holdings in shares of 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 in the last quarter. Benjamin Edwards Inc. purchased a new position in Rivian Automotive during the first quarter valued at approximately $33,000. Fairman Group LLC bought a new stake in Rivian Automotive during the 4th quarter worth approximately $36,000. Finally, International Assets Investment Management LLC purchased a new stake in Rivian Automotive in the 2nd quarter worth approximately $37,000. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Company Profile

(Get Free Report)

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.

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