Guggenheim Lowers Rivian Automotive (NASDAQ:RIVN) Price Target to $16.00

Rivian Automotive (NASDAQ:RIVN) had its price target lowered by analysts at Guggenheim from $18.00 to $16.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the electric vehicle automaker’s stock. Guggenheim’s price objective points to a potential upside of 33.98% from the company’s previous close.

A number of other equities analysts also recently commented on the company. Stifel Nicolaus decreased their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 11th. Robert W. Baird reaffirmed a “neutral” rating and set a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Baird R W lowered Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Wedbush reaffirmed an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research report on Friday, November 8th. Finally, The Goldman Sachs Group lifted their price target on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and an average price target of $14.87.

Rivian Automotive Price Performance

RIVN stock opened at $11.94 on Monday. The firm has a 50 day moving average of $13.56 and a 200-day moving average of $12.50. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $12.19 billion, a P/E ratio of -2.54 and a beta of 2.04. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $18.85.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates 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, sell-side analysts predict that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 283,454 shares of company stock valued at $4,086,923. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its holdings in Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after acquiring an additional 2,035,831 shares during the period. International Assets Investment Management LLC lifted its holdings in Rivian Automotive by 1,870.7% during the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock valued at $608,000 after buying an additional 51,464 shares in the last quarter. Mizuho Markets Americas LLC lifted its holdings in Rivian Automotive by 30.7% during the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock valued at $5,964,000 after buying an additional 124,950 shares in the last quarter. SG Americas Securities LLC boosted its position in Rivian Automotive by 42.7% in the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock valued at $2,404,000 after buying an additional 54,053 shares during the period. Finally, Alberta Investment Management Corp bought a new position in Rivian Automotive in the 4th quarter worth about $6,648,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.