JPMorgan Chase & Co. Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $10.00

Rivian Automotive (NASDAQ:RIVN) had its price target cut by JPMorgan Chase & Co. from $11.00 to $10.00 in a research note released on Friday morning,Benzinga reports. The firm currently has an underweight rating on the electric vehicle automaker’s stock.

Other equities analysts have also recently issued research reports about the company. Needham & Company LLC lifted their price objective on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Piper Sandler downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $19.00 to $13.00 in a research note on Thursday, March 20th. Robert W. Baird lowered their price target on shares of Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Cowen initiated coverage on shares of Rivian Automotive in a report on Thursday, March 6th. They issued a “hold” rating on the stock. Finally, Benchmark reiterated a “buy” rating and set a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 18th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $14.08.

Rivian Automotive Trading Up 4.4 %

Shares of RIVN stock opened at $12.62 on Friday. Rivian Automotive has a fifty-two week low of $8.84 and a fifty-two week high of $18.86. The company has a 50 day moving average price of $11.71 and a 200 day moving average price of $12.13. The stock has a market capitalization of $14.27 billion, a P/E ratio of -2.67 and a beta of 1.89. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.69) by $0.06. The business 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%. Equities research analysts predict that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $11.82, for a total value of $844,290.78. Following the completion of the sale, the chief executive officer now owns 853,011 shares in the company, valued at approximately $10,082,590.02. This trade represents a 7.73 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the business’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 owns 335,076 shares in the company, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock valued at $2,154,905 in the last ninety days. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently modified their holdings of the business. Tandem Financial LLC purchased a new position in Rivian Automotive in the fourth quarter worth $25,000. PFS Partners LLC grew its stake in shares of Rivian Automotive by 1,882.0% during the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock worth $25,000 after purchasing an additional 1,882 shares during the period. Bank of Jackson Hole Trust purchased a new position in shares of Rivian Automotive in the 4th quarter valued at about $27,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive in the third quarter valued at about $28,000. Finally, Orion Capital Management LLC purchased a new stake in Rivian Automotive during the fourth quarter worth about $34,000. 66.25% of the stock is owned by hedge funds and other 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.