Mizuho Lowers Rivian Automotive (NASDAQ:RIVN) Price Target to $10.00

Rivian Automotive (NASDAQ:RIVN) had its price target decreased by Mizuho from $11.00 to $10.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the electric vehicle automaker’s stock. Mizuho’s price target points to a potential downside of 12.70% from the stock’s previous close.

RIVN has been the topic of a number of other reports. Needham & Company LLC boosted their price target on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a report on Friday, February 21st. TD Cowen assumed coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They set a “hold” rating and a $12.70 price target for the company. Robert W. Baird reissued a “neutral” rating and issued a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price for the company. Finally, Cantor Fitzgerald cut shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $13.00 to $15.00 in a research report on Friday, February 21st. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and a consensus price target of $14.34.

Rivian Automotive Stock Down 2.7 %

NASDAQ RIVN traded down $0.32 during trading hours on Thursday, reaching $11.46. 6,578,103 shares of the company’s stock were exchanged, compared to its average volume of 37,230,790. 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 has a market capitalization of $12.95 billion, a price-to-earnings ratio of -2.43 and a beta of 1.89. The company’s 50-day moving average is $12.04 and its two-hundred day moving average is $12.05. Rivian Automotive has a one year low of $8.26 and a one year high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 95.51% and a negative return on equity of 66.26%. On average, analysts forecast that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,879,847.36. The trade was a 3.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s 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 transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,427 shares of company stock valued at $2,237,044. 2.51% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Tandem Financial LLC bought a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $25,000. Bank of Jackson Hole Trust acquired a new stake in shares of Rivian Automotive during the 4th quarter worth $27,000. Wilmington Savings Fund Society FSB bought a new position in shares of Rivian Automotive in the third quarter worth $28,000. Orion Capital Management LLC bought a new stake in Rivian Automotive during the fourth quarter worth about $34,000. Finally, Bear Mountain Capital Inc. increased its holdings in Rivian Automotive by 208.0% in the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $36,000 after buying an additional 1,932 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.