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

Rivian Automotive (NASDAQ:RIVN) had its price objective decreased by equities researchers at Barclays from $12.00 to $10.00 in a report released on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the electric vehicle automaker’s stock. Barclays‘s price target points to a potential upside of 15.87% from the stock’s current price.

Several other brokerages have also recently issued reports on RIVN. Mizuho restated a “neutral” rating and issued a $12.00 price target on shares of Rivian Automotive in a research report on Monday, March 25th. UBS Group upgraded shares of Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price target for the company in a research report on Tuesday, April 16th. JPMorgan Chase & Co. cut shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $20.00 to $11.00 in a research report on Thursday, February 22nd. Jefferies Financial Group started coverage on shares of Rivian Automotive in a research report on Thursday, March 7th. They issued a “buy” rating and a $16.00 price target for the company. Finally, Needham & Company LLC decreased their price target on shares of Rivian Automotive from $18.00 to $13.00 and set a “buy” rating for the company in a research report on Thursday. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.61.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $8.63 on Friday. The company has a market cap of $8.44 billion, a price-to-earnings ratio of -1.50 and a beta of 1.88. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The firm has a 50 day simple moving average of $11.54 and a 200 day simple moving average of $15.89. Rivian Automotive has a one year low of $8.26 and a one year high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating the consensus estimate of ($1.67) by $0.09. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. Research analysts predict that Rivian Automotive will post -4.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the transaction, the insider now directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RIVN. PNC Financial Services Group Inc. lifted its stake in shares of Rivian Automotive by 31.8% in the first quarter. PNC Financial Services Group Inc. now owns 10,502 shares of the electric vehicle automaker’s stock valued at $528,000 after buying an additional 2,532 shares in the last quarter. D.A. Davidson & CO. lifted its position in shares of Rivian Automotive by 9.1% during the first quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock valued at $310,000 after purchasing an additional 515 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Rivian Automotive during the first quarter valued at about $493,000. MetLife Investment Management LLC bought a new position in shares of Rivian Automotive during the first quarter valued at about $231,000. Finally, Rhumbline Advisers lifted its position in shares of Rivian Automotive by 5.3% during the first quarter. Rhumbline Advisers now owns 132,021 shares of the electric vehicle automaker’s stock valued at $6,633,000 after purchasing an additional 6,690 shares in the last quarter. 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.