Wells Fargo & Company Trims Rivian Automotive (NASDAQ:RIVN) Target Price to $24.00

Rivian Automotive (NASDAQ:RIVNGet Rating) had its target price reduced by Wells Fargo & Company from $40.00 to $24.00 in a research report released on Wednesday, The Fly reports.

RIVN has been the subject of several other research reports. Wolfe Research lowered their price objective on shares of Rivian Automotive from $130.00 to $78.00 and set an outperform rating for the company in a research report on Friday, March 11th. JPMorgan Chase & Co. lowered their price objective on shares of Rivian Automotive from $104.00 to $84.00 in a research report on Wednesday, January 26th. Wedbush lowered their price objective on shares of Rivian Automotive from $130.00 to $60.00 and set an outperform rating for the company in a research report on Friday, March 11th. Zacks Investment Research downgraded shares of Rivian Automotive from a buy rating to a hold rating in a research report on Thursday, February 17th. Finally, Morgan Stanley reiterated a buy rating and set a $85.00 target price (down from $147.00) on shares of Rivian Automotive in a research note on Friday, March 11th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Rivian Automotive has a consensus rating of Buy and a consensus price target of 74.59.

Shares of NASDAQ RIVN opened at 26.70 on Wednesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 13.93 and a current ratio of 14.14. Rivian Automotive has a one year low of 19.25 and a one year high of 179.47. The stock’s fifty day moving average is 38.28.

Rivian Automotive (NASDAQ:RIVNGet Rating) last issued its earnings results on Wednesday, May 11th. The electric vehicle automaker reported -1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of -1.46 by 0.03. Analysts forecast that Rivian Automotive will post -6.37 EPS for the current year.

In other Rivian Automotive news, major shareholder Motor Co Ford sold 7,000,000 shares of the firm’s stock in a transaction on Friday, May 13th. The stock was sold at an average price of 26.88, for a total value of 188,160,000.00. Following the sale, the insider now directly owns 86,947,494 shares in the company, valued at 2,337,148,638.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Several institutional investors and hedge funds have recently modified their holdings of RIVN. DNB Asset Management AS acquired a new position in Rivian Automotive during the fourth quarter worth about $2,585,000. Wedbush Securities Inc. purchased a new position in Rivian Automotive in the 4th quarter worth about $631,000. Koshinski Asset Management Inc. purchased a new position in Rivian Automotive in the 4th quarter worth about $270,000. Baldwin Brothers LLC MA purchased a new position in Rivian Automotive in the 4th quarter worth about $26,000. Finally, IFM Investors Pty Ltd purchased a new position in Rivian Automotive in the 4th quarter worth about $2,206,000. 78.67% of the stock is currently owned by institutional investors.

Rivian Automotive Company Profile (Get Rating)

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.

Read More

The Fly logo

Analyst Recommendations for Rivian Automotive (NASDAQ:RIVN)

Receive News & Ratings for Rivian Automotive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rivian Automotive and related companies with MarketBeat.com's FREE daily email newsletter.