Mizuho Has Lowered Expectations for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN) had its target price lowered by research analysts at Mizuho from $13.00 to $11.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the electric vehicle automaker’s stock. Mizuho’s price target indicates a potential upside of 2.33% from the stock’s previous close.

A number of other research analysts also recently issued reports on the company. Truist Financial increased their price objective on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Baird R W downgraded shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Cantor Fitzgerald downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and raised their target price for the company from $13.00 to $15.00 in a research report on Friday, February 21st. Finally, Guggenheim cut their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, February 24th. Three research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $14.64.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $10.75 on Monday. The company has a market capitalization of $12.16 billion, a P/E ratio of -2.28 and a beta of 2.03. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $18.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company’s 50 day moving average price is $12.74 and its two-hundred day moving average price is $12.25.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, analysts expect that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s 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 transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock valued at $2,735,619 in the last three months. 2.51% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its stake in shares of Rivian Automotive by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock valued at $63,055,000 after buying an additional 133,781 shares during the period. SG Americas Securities LLC lifted its position in shares of Rivian Automotive by 42.7% during the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock valued at $2,404,000 after acquiring an additional 54,053 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of Rivian Automotive during the 4th quarter worth $1,382,000. Alberta Investment Management Corp acquired a new stake in shares of Rivian Automotive during the 4th quarter worth $6,648,000. Finally, Illinois Municipal Retirement Fund increased its position in shares of Rivian Automotive by 36.6% in the fourth quarter. Illinois Municipal Retirement Fund now owns 148,423 shares of the electric vehicle automaker’s stock worth $1,974,000 after purchasing an additional 39,751 shares during the period. 66.25% of the stock is owned by institutional investors.

About Rivian Automotive

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.