JPMorgan Chase & Co. Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $12.00

Rivian Automotive (NASDAQ:RIVN) had its price target dropped by JPMorgan Chase & Co. from $14.00 to $12.00 in a report released on Tuesday, Benzinga reports. The firm currently has an “underweight” rating on the electric vehicle automaker’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 18.11% from the stock’s current price.

RIVN has been the topic of a number of other research reports. Wells Fargo & Company cut their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Guggenheim started coverage on Rivian Automotive in a research report on Tuesday, June 25th. They set a “buy” rating and a $18.00 target price on the stock. Wolfe Research initiated coverage on Rivian Automotive in a research report on Thursday, September 5th. They issued a “peer perform” rating for the company. Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Finally, Needham & Company LLC reduced their price target on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average target price of $17.09.

Rivian Automotive Stock Performance

Shares of RIVN opened at $10.16 on Tuesday. The stock has a 50-day simple moving average of $12.17 and a 200-day simple moving average of $12.25. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $24.61. The stock has a market capitalization of $10.11 billion, a PE ratio of -1.76 and a beta of 2.03.

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

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 169,876 shares of company stock worth $2,153,551. 2.30% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors and hedge funds have recently made changes to their positions in RIVN. Baillie Gifford & Co. grew its position in Rivian Automotive by 714.3% during the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after acquiring an additional 22,194,018 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Rivian Automotive by 1,521.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after purchasing an additional 5,937,605 shares during the period. Renaissance Technologies LLC increased its position in Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after purchasing an additional 3,285,867 shares in the last quarter. Spirepoint Private Client LLC purchased a new position in Rivian Automotive in the first quarter valued at approximately $15,635,000. Finally, AQR Capital Management LLC lifted its position in Rivian Automotive by 102.8% during the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after buying an additional 1,257,106 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.