Rivian Automotive (NASDAQ:RIVN) Given New $14.00 Price Target at Piper Sandler

Rivian Automotive (NASDAQ:RIVN – Get Rating) had its target price dropped by investment analysts at Piper Sandler from $15.00 to $14.00 in a research report issued on Wednesday, The Fly reports. Piper Sandler’s price target points to a potential upside of 1.16% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. The Goldman Sachs Group dropped their target price on Rivian Automotive from $41.00 to $19.00 in a report on Tuesday, January 10th. Morgan Stanley lowered their price target on shares of Rivian Automotive from $26.00 to $24.00 in a report on Tuesday, April 18th. Evercore ISI decreased their price objective on shares of Rivian Automotive from $35.00 to $25.00 in a report on Monday, March 6th. Mizuho decreased their price objective on shares of Rivian Automotive from $35.00 to $30.00 in a report on Wednesday. Finally, Royal Bank of Canada cut shares of Rivian Automotive from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $28.00 to $14.00 in a report on Tuesday, April 18th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $27.65.

Rivian Automotive Stock Down 1.9 %

Shares of Rivian Automotive stock opened at $13.84 on Wednesday. The company has a quick ratio of 4.86, a current ratio of 5.42 and a debt-to-equity ratio of 0.09. The business has a 50-day moving average price of $13.78 and a 200 day moving average price of $20.20. Rivian Automotive has a fifty-two week low of $11.68 and a fifty-two week high of $40.86. The firm has a market cap of $12.75 billion, a P/E ratio of -1.87 and a beta of 1.67.

Rivian Automotive (NASDAQ:RIVN – Get Rating) last issued its earnings results on Tuesday, May 9th. The electric vehicle automaker reported ($1.25) EPS for the quarter, beating analysts’ consensus estimates of ($1.51) by $0.26. The company had revenue of $661.00 million during the quarter, compared to the consensus estimate of $661.97 million. Rivian Automotive had a negative return on equity of 37.49% and a negative net margin of 407.24%. Rivian Automotive’s quarterly revenue was up 595.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.43) earnings per share. On average, sell-side analysts forecast that Rivian Automotive will post -5.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Jeff Baker sold 2,331 shares of the stock in a transaction dated Wednesday, February 15th. The shares were sold at an average price of $18.98, for a total value of $44,242.38. Following the completion of the transaction, the chief accounting officer now owns 87,000 shares of the company’s stock, valued at $1,651,260. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Rivian Automotive news, CAO Jeff Baker sold 2,331 shares of the company’s stock in a transaction dated Wednesday, February 15th. The shares were sold at an average price of $18.98, for a total transaction of $44,242.38. Following the sale, the chief accounting officer now directly owns 87,000 shares of the company’s stock, valued at $1,651,260. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 2,090 shares of the stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $18.99, for a total transaction of $39,689.10. Following the sale, the chief financial officer now directly owns 75,804 shares in the company, valued at $1,439,517.96. The disclosure for this sale can be found here. Company insiders own 2.34% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds have recently modified their holdings of the stock. Quadrant Capital Group LLC boosted its stake in Rivian Automotive by 97.8% in the third quarter. Quadrant Capital Group LLC now owns 979 shares of the electric vehicle automaker’s stock valued at $32,000 after acquiring an additional 484 shares during the last quarter. Eaton Vance Management boosted its stake in Rivian Automotive by 6.8% in the first quarter. Eaton Vance Management now owns 7,843 shares of the electric vehicle automaker’s stock valued at $394,000 after acquiring an additional 497 shares during the last quarter. Gould Capital LLC boosted its stake in Rivian Automotive by 175.4% in the third quarter. Gould Capital LLC now owns 785 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 500 shares during the last quarter. D.A. Davidson & CO. boosted its stake in Rivian Automotive by 9.1% in the first quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock valued at $310,000 after acquiring an additional 515 shares during the last quarter. Finally, Ieq Capital LLC boosted its stake in Rivian Automotive by 4.1% in the third quarter. Ieq Capital LLC now owns 13,175 shares of the electric vehicle automaker’s stock valued at $434,000 after acquiring an additional 517 shares during the last quarter. 67.97% of the stock is owned by institutional investors.

Rivian Automotive Company Profile

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Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.