Mizuho Issues Pessimistic Forecast for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN) had its price target decreased by analysts at Mizuho from $11.00 to $10.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the electric vehicle automaker’s stock. Mizuho’s price target would suggest a potential downside of 12.82% from the stock’s current price.

RIVN has been the subject of several other research reports. Wells Fargo & Company raised their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Friday, February 21st. Cowen began coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They issued a “hold” rating for the company. Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Barclays raised their price target on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 22nd. Finally, Needham & Company LLC upped their price objective on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $14.25.

Rivian Automotive Trading Up 0.1 %

Shares of NASDAQ RIVN opened at $11.47 on Thursday. Rivian Automotive has a 1-year low of $8.26 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. The business’s 50 day moving average is $11.99 and its two-hundred day moving average is $12.05. The stock has a market capitalization of $12.97 billion, a P/E ratio of -2.43 and a beta of 1.89.

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

Insider Activity

In other news, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,879,847.36. This trade represents a 3.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,427 shares of company stock worth $2,237,044. 2.51% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently made changes to their positions in RIVN. Princeton Global Asset Management LLC increased its position in Rivian Automotive by 1,000.0% during the 1st quarter. Princeton Global Asset Management LLC now owns 5,500 shares of the electric vehicle automaker’s stock valued at $68,000 after buying an additional 5,000 shares in the last quarter. Thrive Wealth Management LLC purchased a new stake in shares of Rivian Automotive during the first quarter worth about $137,000. Johnson & White Wealth Management LLC acquired a new position in shares of Rivian Automotive during the first quarter valued at about $125,000. Merit Financial Group LLC purchased a new position in shares of Rivian Automotive in the 1st quarter valued at approximately $192,000. Finally, NBC Securities Inc. boosted its stake in Rivian Automotive by 107,835.8% in the 1st quarter. NBC Securities Inc. now owns 57,206 shares of the electric vehicle automaker’s stock worth $712,000 after purchasing an additional 57,153 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.