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

Rivian Automotive (NASDAQ:RIVN) had its price target reduced by Mizuho from $13.00 to $11.00 in a report published on Monday,Benzinga reports. Mizuho currently has a neutral rating on the electric vehicle automaker’s stock.

Several other equities analysts have also weighed in on RIVN. Guggenheim reduced their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Barclays lifted their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Wednesday, January 22nd. TD Cowen initiated coverage on shares of Rivian Automotive in a report on Friday, March 7th. They set a “hold” rating and a $12.70 target price on the stock. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price on the stock. Finally, Baird R W lowered shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Three analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $14.64.

Rivian Automotive Stock Up 2.5 %

Shares of RIVN opened at $11.02 on Monday. The firm has a market cap of $12.46 billion, a PE ratio of -2.33 and a beta of 2.03. The company’s fifty day moving average is $12.65 and its two-hundred day moving average is $12.23. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $18.86. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Analysts forecast that Rivian Automotive will post -3.2 earnings per share for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction dated 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 owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 185,427 shares of company stock worth $2,735,619. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Rivian Automotive by 11.4% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,766,747 shares of the electric vehicle automaker’s stock valued at $19,823,000 after acquiring an additional 181,155 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in shares of Rivian Automotive by 59.0% in the third quarter. Oppenheimer & Co. Inc. now owns 25,451 shares of the electric vehicle automaker’s stock valued at $286,000 after acquiring an additional 9,441 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Rivian Automotive by 59.1% in the third quarter. Empowered Funds LLC now owns 18,466 shares of the electric vehicle automaker’s stock valued at $207,000 after acquiring an additional 6,860 shares in the last quarter. Swiss National Bank boosted its holdings in shares of Rivian Automotive by 2.1% in the third quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock valued at $24,665,000 after acquiring an additional 45,200 shares in the last quarter. Finally, Quest Partners LLC boosted its holdings in shares of Rivian Automotive by 109.0% in the third quarter. Quest Partners LLC now owns 13,945 shares of the electric vehicle automaker’s stock valued at $156,000 after acquiring an additional 7,273 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

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.