Rivian Automotive (NASDAQ:RIVN – Get a rating) had its price target lowered by Mizuho stock research analysts from $90.00 to $80.00 in a research report released Thursday to clients and investors, reports The Fly.
Several other stock analysts have also recently weighed in on RIVN. Wedbush lowered its price target on Rivian Automotive shares from $130.00 to $60.00 and set an “outperform” rating on the stock in a Friday, March 11 report. Wolfe Research lowered its price target on Rivian Automotive shares from $130.00 to $78.00 and set an “outperform” rating on the stock in a Friday, March 11 report. Wells Fargo & Company lowered its price target on Rivian Automotive shares from $40.00 to $24.00 in a report released Wednesday. Morgan Stanley reissued a “buy” rating and posted a target price of $85.00 (from $147.00 previously) on Rivian Automotive shares in a Friday, March 11 report. Finally, Exane BNP Paribas began covering Rivian Automotive shares in a Monday, April 11 report. They issued an “underperforming” rating and a target price of $35.00 for the stock. Three equity research analysts gave the stock a sell rating, four gave the stock a hold rating and twelve gave the stock a buy rating. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of 78.53.
NASDAQ RIVN shares opened at 8:60 p.m. Thursday. Rivian Automotive has a 1-year low of 19.25 and a 1-year high of 179.47. The company’s 50-day simple moving average is 39.06. The company has a debt ratio of 0.06, a current ratio of 14.14 and a quick ratio of 13.93.
Rivian Automotive (NASDAQ:RIVN – Get Rating) last released its quarterly earnings data on Wednesday, May 11. The electric vehicle automaker reported earnings per share of -1.43 for the quarter, beating consensus analyst estimates of -1.46 by 0.03. As a group, research analysts expect Rivian Automotive to post earnings per share of -6.37 for the current fiscal year.
Separately, major shareholder Motor Co Ford sold 8,000,000 shares of the company in a transaction on Monday May 9. The shares were sold at an average price of 26.80, for a total value of 214,400,000.00. Following the sale, the insider now owns 93,947,494 shares of the company, valued at 2,517,792,839.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website.
A number of hedge funds have recently bought and sold shares of RIVN. Sargent Bickham Lagudis LLC bought a new position in Rivian Automotive during the fourth quarter for $25,000. Global Wealth Management Investment Advisory Inc. bought a new position in Rivian Automotive during the fourth quarter worth $25,000. Perkins Coie Trust Co bought a new position in Rivian Automotive during the first quarter worth $25,000. TCTC Holdings LLC bought a new position in Rivian Automotive during the first quarter worth $25,000. Finally, Baldwin Brothers LLC MA bought a new position in Rivian Automotive during the fourth quarter at a value of $26,000. Institutional investors and hedge funds hold 78.67% of the company’s shares.
Rivian Automotive Company Profile (Get a rating)
Rivian Automotive, Inc designs, develops, manufactures and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sport utility vehicles. It provides the Rivian Commercial Vehicle platform for electric delivery vans in conjunction with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.
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