The shares of Rivian Automotive, Inc. (NASDAQ: RIVN – Get Free Report) saw a significant decrease in value during mid-day trading on Friday, following a reduction in price target from $14.00 to $13.00 by Morgan Stanley. The stock hit a low of $10.03 and closed at $10.34, with a trading volume of 9166905 shares.
Other equity analysts have also issued reports on the company, with UBS Group maintaining a “sell” rating and announcing a reduced price target of $8.00 (down from $24.00). The Goldman Sachs Group decreased their price objective from $20.00 to $17.00, Evercore ISI from $35.00 to $25.00, and DA Davidson from $19.00 to $17.00. Mizuho has reaffirmed a “neutral” rating with a $12.00 price objective. With two analysts giving a sell rating and nine a hold rating, the consensus rating for Rivian Automotive is “Hold,” with a consensus price target of $19.87 according to MarketBeat.
Rivian Automotive is currently trading down 0.3%, with a market capitalization of $9.87 billion, a PE ratio of -1.76, and a beta of 1.88. Additionally, the firm has a debt-to-equity ratio of 0.48, a quick ratio of 3.90, and a current ratio of 4.95. The fifty day moving average stands at $12.81 and the 200 day moving average at $16.84.
In terms of insider activity, PNC Financial Services Group Inc. raised its holdings by 31.8% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund and MetLife Investment Management LLC also purchased new stakes in Rivian Automotive during the same period.
In the last earnings report, Rivian Automotive (NASDAQ:RIVN – Get Free Report) exceeded consensus estimates, reporting ($1.58) EPS for the quarter compared to the consensus estimate of ($1.67) by $0.09. The company had a negative return on equity of 45.97% and a negative net margin of 122.51%. Rivian Automotive recorded revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion.
Rivian Automotive, Inc. designs, develops, manufactures, and sells electric vehicles and accessories, offering consumer vehicles under the R1T and R1S brands.
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