Rivian Automotive (NASDAQ:RIVN – rated) In a research note issued Wednesday, investment analysts at Trust Financial have lowered their price target from $65.00 to $50.00, reports The Fly.
RIVN has been the subject of many other research reports. Needham & Company LLC began coverage of his Rivian Automotive shares in a research note on Wednesday, Sept. 14. They issued a “pending” rating to the company. Robert W. Baird lowered his price target for Rivian Automotive from $51.00 to his $44.00 in a research note on Tuesday, Dec. 13, setting the company’s valuation at “outperform.” Canaccord Genuity Group lowered its price target on Rivian Automotive shares from $61.00 to $55.00, giving the company a Buy rating in its research notes on Thursday, November 10. Cantor Fitzgerald began coverage of his Rivian Automotive shares in a research note on Tuesday, Dec. 20. They issued an “overweight” rating and a company target price of $22.00. Finally, DA Davidson lowered his price target on Rivian Automotive stock from $27.00 to $23.00, setting the company’s valuation to “underperform” in its research notes on Thursday, November 10. Two analysts gave sell ratings, six gave hold ratings, and 14 analysts assigned buy ratings to the company. According to MarketBeat data, the company’s consensus rating is a “moderate buy” with a consensus target price of 44.43.
Rivian Automotive shares drop 0.2%
NASDAQ RIVN opened Wednesday at 17.31. The company has a debt to equity ratio of 0.08, a quick ratio of 6.39 and a current ratio of 6.84. The company has a 50-day simple moving average of 27.68 and a 200-day simple moving average of 31.15. Rivian Automotive has a 12-month low of 17.08 and a 12-month high of 99.21. The stock has a market cap of $15.94 billion, a PE ratio of -1.67 and a beta of 1.83.
Rivian Automotive (NASDAQ:RIVN – Get Rating) last reported quarterly results on Wednesday, November 9th. The electric vehicle automaker reported -1.57 EPS for the quarter, beating analysts’ consensus forecast of -1.78 by 0.21. The company’s revenue for the quarter was $536 million, compared with analysts’ expectations of $513.89 million. Rivian Automotive had a net profit margin of 714.01% and a return on equity of 32.42%. On average, research analysts expect Rivian Automotive to post an EPS of -7.46 this year.
In other Rivian Automotive news, CFO Claire Mcdonough sold 14,235 shares of Rivian Automotive stock on Tuesday, November 15th. The shares sold at an average price of 34.92 for a total transaction value of 497,086.20. Following the closing of the sale, the Chief Financial Officer now owns 81,151 shares of the Company’s stock valued at approximately 2,833,792.92. The transaction was disclosed in documents filed with the Securities and Exchange Commission, available at this hyperlink. In other news, CAO Jeff Baker sold 1,689 shares of Rivian Automotive stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of 34.38 and the total transaction value he was 58,067.82. After the transaction, the Chief Accounting Officer now directly owns 89,331 shares of the company’s stock valued at 3,071,199.78. The sale was disclosed in legal documents to the SEC available on the SEC’s website. CFO Claire Mcdonough also sold 14,235 shares of Rivian Automotive in a deal on Tuesday, November 15th. The shares sold at an average price of 34.92 and the total transaction value was her 497,086.20. After the transaction, the Chief Financial Officer now directly owns 81,151 shares of her company worth 2,833,792.92. Please see here for the disclosure of this sale. A company insider owns his 2.34% of the company’s shares.
Hedge fund considers Rivian Automotive
Hedge funds and other institutional investors have recently changed positions in the company. Salem Investment Counselors Inc. increased her position at Rivian Automotive by 1,329.5% from his in the first quarter. Salem Investment Counselors Inc. now owns 629 shares of the electric vehicle maker worth $32,000 after acquiring another 585 shares last quarter. Gould Capital LLC increased his position in Rivian Automotive by 175.4% in the third quarter. Gould Capital LLC now owns 785 shares of the electric vehicle maker worth $26,000 after acquiring another 500 shares last quarter. Beaird Harris Wealth Management LLC increased its position in Rivian Automotive by 114.5% in the first quarter. Beaird Harris Wealth Management LLC now owns 873 shares of the electric vehicle maker worth $44,000 after acquiring an additional 466 shares in the previous quarter. Concord Wealth Partners purchased a new stake in his Rivian Automotive worth $25,000 in the second quarter. Finally, Quadrant Capital Group LLC increased its position in Rivian Automotive by 97.8% in the third quarter. Quadrant Capital Group LLC now owns 979 shares of the electric vehicle maker worth $32,000 after purchasing an additional 484 shares last quarter. 67.97% of the shares are owned by institutional investors.
Company Overview of Rivian Automotive
Rivian Automotive, Inc designs, develops, manufactures and markets electric vehicles and accessories. The company offers five-passenger pickup trucks and sport utility vehicles. Partnering with Amazon.com to offer his Rivian commercial vehicle platform for electric delivery vans. The company sells its products directly to customers in the consumer and commercial markets.
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