Deutsche Bank Aktiengesellschaft Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $69.00


Rivian Automotive (NASDAQ:RIVN – Get Rating) had its objective price decreased by research analysts at Deutsche Bank Aktiengesellschaft from $90.00 to $69.00 in a research note issued to investors on Friday, The Fly reports.

A number of other analysts have also recently commented on the company. Wells Fargo & Company cut their target price on Rivian Automotive from $40.00 to $24.00 in a research report on Wednesday. Exane BNP Paribas upgraded Rivian Automotive from an “underperform” rating to a “neutral” rating in a research report on Thursday. Mizuho cut their target price on Rivian Automotive from $90.00 to $80.00 in a research report on Thursday. Wolfe Research cut their target price on Rivian Automotive from $130.00 to $78.00 and set an “outperform” rating on the stock in a research report on Friday, March 11th. Finally, BNP Paribas upgraded Rivian Automotive from an “underperform” rating to a “neutral” rating and set a $26.00 target price on the stock in a research report on Thursday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Buy” and an average target price of 74.59.

Rivian Automotive stock opened at 24.30 on Friday. Rivian Automotive has a 1-year low of 19.25 and a 1-year high of 179.47. The company has a debt-to-equity ratio of 0.06, a quick ratio of 13.93 and a current ratio of 14.14. The company has a fifty day simple moving average of 39.06.

Rivian Automotive (NASDAQ:RIVN – Get Rating) last posted its quarterly earnings results on Wednesday, May 11th. The electric vehicle automaker reported -1.43 earnings per share for the quarter, beating analysts’ consensus estimates of -1.46 by 0.03. As a group, analysts anticipate that Rivian Automotive will post -6.37 earnings per share for the current fiscal year.

In other Rivian Automotive news, major shareholder Motor Co Ford sold 8,000,000 shares of Rivian Automotive stock in a transaction that occurred on Monday, May 9th. The stock was 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’s stock, valued at approximately 2,517,792,839.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Several hedge funds have recently modified their holdings of the company. Amazon com Inc purchased a new position in shares of Rivian Automotive during the 4th quarter worth approximately $16,420,746,000. Coatue Management LLC purchased a new position in shares of Rivian Automotive during the 4th quarter worth approximately $3,652,616,000. BlackRock Inc. purchased a new position in shares of Rivian Automotive during the 4th quarter worth approximately $3,195,595,000. Capital Research Global Investors purchased a new position in shares of Rivian Automotive during the 4th quarter worth approximately $2,562,520,000. Finally, Soros Fund Management LLC purchased a new position in shares of Rivian Automotive during the 4th quarter worth approximately $2,056,770,000. 78.67% of the stock is owned by institutional investors and hedge funds.

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.

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