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

Rivian Automotive (NASDAQ:RIVN) had its price objective trimmed by Barclays from $12.00 to $10.00 in a research note released on Friday, Benzinga reports. The brokerage currently has an equal weight rating on the electric vehicle automaker’s stock.

RIVN has been the subject of a number of other reports. 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 report on Thursday. Robert W. Baird decreased their price target on shares of Rivian Automotive from $30.00 to $23.00 and set an outperform rating for the company in a report on Thursday, February 22nd. Cantor Fitzgerald restated an overweight rating and set a $23.00 price target on shares of Rivian Automotive in a report on Wednesday, April 3rd. Wolfe Research restated a peer perform rating on shares of Rivian Automotive in a report on Thursday, January 4th. Finally, Morgan Stanley decreased their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an overweight rating for the company in a report on Thursday, April 4th. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $19.61.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $8.63 on Friday. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $28.06. The firm has a fifty day moving average price of $11.54 and a 200 day moving average price of $15.93. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48.

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

Insider Activity

In other news, insider Kjell Gruner sold 19,935 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the sale, 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 is available through the SEC website. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction that occurred 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction that occurred 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. Insiders have sold 54,306 shares of company stock valued at $717,274 over the last three months. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the company. Sunbelt Securities Inc. raised its holdings in shares of Rivian Automotive by 195.0% during the second quarter. Sunbelt Securities Inc. now owns 1,475 shares of the electric vehicle automaker’s stock worth $25,000 after acquiring an additional 975 shares during the period. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive during the fourth quarter worth $26,000. Ancora Advisors LLC acquired a new stake in Rivian Automotive in the 3rd quarter valued at $27,000. Resurgent Financial Advisors LLC acquired a new stake in Rivian Automotive in the 4th quarter valued at $30,000. Finally, MCF Advisors LLC increased its stake in shares of Rivian Automotive by 396.8% during the 3rd quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock worth $30,000 after purchasing an additional 1,000 shares during 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.