Guggenheim Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $16.00

Rivian Automotive (NASDAQ:RIVN) had its price target reduced by Guggenheim from $18.00 to $16.00 in a report published on Monday morning,Benzinga reports. They currently have a buy rating on the electric vehicle automaker’s stock.

Several other equities research analysts have also issued reports on the stock. Piper Sandler lowered their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Sanford C. Bernstein initiated coverage on Rivian Automotive in a report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price for the company. Mizuho raised their target price on Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, February 21st. The Goldman Sachs Group upped their price target on Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Finally, Wedbush reissued an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $14.87.

Rivian Automotive Trading Down 0.4 %

Shares of RIVN stock opened at $11.40 on Monday. The firm has a market capitalization of $11.64 billion, a P/E ratio of -2.42 and a beta of 2.04. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $18.85. The firm’s fifty day simple moving average is $13.39 and its 200 day simple moving average is $12.46. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, sell-side analysts predict that Rivian Automotive will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 275,357 shares of company stock valued at $3,988,140. Company insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently made changes to their positions in RIVN. Dimension Capital Management LLC increased its holdings in shares of Rivian Automotive by 5.5% in the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock worth $208,000 after purchasing an additional 819 shares during the period. Tradition Wealth Management LLC grew its position in Rivian Automotive by 7.2% during the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock worth $168,000 after buying an additional 849 shares in the last quarter. John G Ullman & Associates Inc. raised its holdings in shares of Rivian Automotive by 9.1% in the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock valued at $135,000 after acquiring an additional 1,000 shares in the last quarter. GHP Investment Advisors Inc. boosted its position in shares of Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 1,002 shares during the last quarter. Finally, RFG Holdings Inc. grew its holdings in shares of Rivian Automotive by 5.2% during the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock worth $296,000 after purchasing an additional 1,096 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.