Royal Bank of Canada Issues Pessimistic Forecast for Rivian Automotive (NASDAQ:RIVN) Stock Price

by · The Markets Daily

Rivian Automotive (NASDAQ:RIVN – Get Free Report) had its price target dropped by investment analysts at Royal Bank of Canada from $14.00 to $12.00 in a report issued on Friday,Benzinga reports. The firm currently has a “sector perform” rating on the electric vehicle automaker’s stock. Royal Bank of Canada’s price target points to a potential upside of 17.76% from the stock’s current price.

Several other research firms have also weighed in on RIVN. Bank of America lowered Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $20.00 to $13.00 in a report on Friday. Robert W. Baird decreased their price objective on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Friday. Truist Financial dropped their price objective on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, October 16th. Mizuho reduced their target price on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday. Finally, JPMorgan Chase & Co. dropped their price target on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 22nd. One equities 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 stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $15.77.

Check Out Our Latest Stock Report on Rivian Automotive

Rivian Automotive Trading Up 1.4 %

Shares of Rivian Automotive stock traded up $0.14 during trading on Friday, hitting $10.19. 35,594,949 shares of the company were exchanged, compared to its average volume of 38,832,949. The firm has a market capitalization of $10.27 billion, a P/E ratio of -1.71 and a beta of 2.04. The firm’s fifty day moving average price is $11.43 and its 200 day moving average price is $12.30. 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.

Rivian Automotive (NASDAQ:RIVN – Get Free Report) last posted its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. As a group, sell-side analysts expect that Rivian Automotive will post -4.84 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred 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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 value 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 169,876 shares of company stock worth $2,153,551 over the last 90 days. Company insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. grew its holdings in shares of Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Renaissance Technologies LLC raised its stake in Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after acquiring an additional 3,285,867 shares in the last quarter. Spirepoint Private Client LLC bought a new stake in shares of Rivian Automotive during the 1st quarter valued at approximately $15,635,000. AQR Capital Management LLC increased its position in Rivian Automotive by 102.8% during the 2nd quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after purchasing an additional 1,257,106 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Rivian Automotive by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after purchasing an additional 1,226,357 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

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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