Mizuho Increases Rivian Automotive (NASDAQ:RIVN) Price Target to $11.00

Rivian Automotive (NASDAQ:RIVN) had its target price increased by stock analysts at Mizuho from $10.00 to $11.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the electric vehicle automaker’s stock. Mizuho’s target price indicates a potential downside of 19.59% from the stock’s previous close.

A number of other analysts have also issued reports on the company. Cantor Fitzgerald restated a “neutral” rating and issued a $15.00 target price on shares of Rivian Automotive in a report on Wednesday. Benchmark reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Rivian Automotive in a research note on Tuesday, March 18th. TD Cowen assumed coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They issued a “hold” rating and a $12.70 target price on the stock. UBS Group lifted their price target on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, The Goldman Sachs Group cut their price target on Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $13.99.

Rivian Automotive Stock Up 7.5 %

Shares of Rivian Automotive stock opened at $13.68 on Wednesday. The company has a market capitalization of $15.47 billion, a P/E ratio of -2.90 and a beta of 1.86. The business’s fifty day moving average price is $11.92 and its two-hundred day moving average price is $12.31. Rivian Automotive has a 1-year low of $9.50 and a 1-year high of $18.86. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. As a group, research analysts forecast that Rivian Automotive will post -3.2 EPS for the current year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were 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 directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $11.82, for a total value of $844,290.78. Following the completion of the transaction, the chief executive officer now owns 853,011 shares in the company, valued at $10,082,590.02. This represents a 7.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock worth $2,154,905 in the last 90 days. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tandem Financial LLC acquired a new position in Rivian Automotive in the 4th quarter worth $25,000. PFS Partners LLC raised its stake in Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock valued at $25,000 after acquiring an additional 1,882 shares during the period. Bank of Jackson Hole Trust bought a new stake in shares of Rivian Automotive during the 4th quarter worth about $27,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive in the third quarter valued at approximately $28,000. Finally, Orion Capital Management LLC bought a new position in Rivian Automotive during the 4th quarter worth $34,000. 66.25% of the stock is currently 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.