Rivian Automotive (NASDAQ:RIVN) Stock Price Target Cut by DA Davidson

Rivian Automotive (NASDAQ:RIVN) had its price objective cut by research analysts at DA Davidson from $17.00 to $15.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “neutral” rating on the electric vehicle automaker’s stock. DA Davidson‘s price target would indicate a potential upside of 11.23% from the stock’s previous close.

A number of other research firms have also recently issued reports on RIVN. Piper Sandler upgraded Rivian Automotive from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $18.00 to $20.00 in a research report on Monday, July 27th. Morgan Stanley raised their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an “underweight” rating in a research report on Friday, July 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a research note on Friday, October 2nd. Needham & Company LLC lowered their price target on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, October 30th. Finally, Wells Fargo & Company increased their price objective on shares of Rivian Automotive from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Friday, July 31st. Fifteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average price target of $19.50.

Rivian Automotive Stock Performance

RIVN traded up $0.20 on Friday, hitting $13.48. 13,871,141 shares of the stock traded hands, compared to its average volume of 29,487,549. Rivian Automotive has a 52 week low of $11.38 and a 52 week high of $22.69. The company has a current ratio of 2.18, a quick ratio of 1.70 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $19.52 billion, a PE ratio of -5.98 and a beta of 1.64. The business has a fifty day moving average price of $14.27 and a two-hundred day moving average price of $15.42.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, October 29th. The electric vehicle automaker reported ($0.48) EPS for the quarter, topping analysts’ consensus estimates of ($0.64) by $0.16. Rivian Automotive had a negative return on equity of 69.68% and a negative net margin of 45.88%. The company had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2 billion. During the same quarter last year, the company earned ($1.08) EPS. The company’s quarterly revenue was up 38.3% on a year-over-year basis. On average, research analysts predict that Rivian Automotive will post -2.72 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Michael John Callahan sold 15,000 shares of the stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $15.00, for a total value of $225,000.00. Following the completion of the transaction, the insider directly owned 1,001,776 shares of the company’s stock, valued at approximately $15,026,640. This represents a 1.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 13,144 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total value of $190,588.00. Following the transaction, the chief financial officer owned 827,201 shares of the company’s stock, valued at $11,994,414.50. This trade represents a 1.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 51,167 shares of company stock valued at $788,306. 1.48% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its holdings in shares of Rivian Automotive by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,438,776 shares of the electric vehicle automaker’s stock worth $111,896,000 after purchasing an additional 25,382 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Rivian Automotive by 55.8% during the 1st quarter. Hsbc Holdings PLC now owns 3,097,836 shares of the electric vehicle automaker’s stock worth $46,625,000 after purchasing an additional 1,109,171 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Rivian Automotive during the 2nd quarter worth about $49,915,000. Swiss National Bank lifted its holdings in Rivian Automotive by 8.2% during the 1st quarter. Swiss National Bank now owns 2,331,000 shares of the electric vehicle automaker’s stock valued at $35,082,000 after purchasing an additional 176,500 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in Rivian Automotive by 22.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,970,637 shares of the electric vehicle automaker’s stock valued at $29,441,000 after purchasing an additional 356,540 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an electric vehicle manufacturer that designs, develops and produces all-electric trucks, sport utility vehicles and commercial delivery vans. The company focuses on vehicles intended for outdoor recreation, everyday transportation and fleet use, combining battery-electric powertrains with software and connected-vehicle technologies.

Rivian’s consumer vehicle lineup includes the R1T pickup truck and R1S sport utility vehicle. The company also develops electric commercial vans for business and delivery fleets, including vehicles produced through its relationship with Amazon.