The Goldman Sachs Group Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $13.00

Rivian Automotive (NASDAQ:RIVN) had its price target reduced by The Goldman Sachs Group from $15.00 to $13.00 in a research report report published on Wednesday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the electric vehicle automaker’s stock.

Several other equities research analysts have also recently issued reports on the company. Guggenheim cut Rivian Automotive from a “buy” rating to a “neutral” rating in a research note on Monday, July 14th. Mizuho reaffirmed an “underperform” rating and issued a $10.00 price objective (down from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Morgan Stanley cut their target price on Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rivian Automotive in a report on Wednesday, October 8th. Finally, Stifel Nicolaus dropped their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Five analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $13.75.

Rivian Automotive Trading Up 0.1%

RIVN stock opened at $15.23 on Wednesday. Rivian Automotive has a 52 week low of $9.55 and a 52 week high of $17.15. The company has a market capitalization of $18.48 billion, a PE ratio of -4.90 and a beta of 1.81. The company’s 50-day simple moving average is $13.90 and its 200 day simple moving average is $13.67. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.72 and a current ratio of 2.71.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.02. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the previous year, the company earned ($1.08) EPS. The business’s revenue was up 78.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 7,247 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer owned 789,445 shares in the company, valued at $9,694,384.60. This trade represents a 0.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total transaction of $244,300.00. Following the completion of the sale, the chief executive officer owned 1,316,205 shares in the company, valued at $18,426,870. This represents a 1.31% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 42,147 shares of company stock worth $577,593. Company insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RIVN. Vanguard Group Inc. increased its stake in shares of Rivian Automotive by 3.3% in the third quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock valued at $1,198,967,000 after buying an additional 2,597,310 shares during the period. Geode Capital Management LLC raised its holdings in Rivian Automotive by 4.9% during the second quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock worth $200,200,000 after buying an additional 689,045 shares during the last quarter. Northern Trust Corp raised its stake in shares of Rivian Automotive by 11.2% in the first quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock worth $100,195,000 after purchasing an additional 809,064 shares during the last quarter. Norges Bank purchased a new stake in shares of Rivian Automotive in the second quarter valued at about $105,629,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Rivian Automotive by 15.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock worth $80,376,000 after acquiring an additional 799,030 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.