Rivian Automotive (NASDAQ:RIVN) Trading Down 1.3% After Analyst Downgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 1.3% during mid-day trading on Monday after Barclays lowered their price target on the stock from $12.00 to $10.00. Barclays currently has an equal weight rating on the stock. Rivian Automotive traded as low as $8.31 and last traded at $8.52. Approximately 14,668,214 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 42,704,582 shares. The stock had previously closed at $8.63.

A number of other research firms also recently weighed in on RIVN. DA Davidson cut their price target on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Jefferies Financial Group initiated coverage on shares of Rivian Automotive in a research note on Thursday, March 7th. They issued a “buy” rating and a $16.00 target price on the stock. Robert W. Baird lowered their target price on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. Needham & Company LLC lowered their target price on shares of Rivian Automotive from $18.00 to $13.00 and set a “buy” rating on the stock in a research note on Thursday, April 18th. Finally, Piper Sandler upgraded shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and raised their target price for the company from $15.00 to $21.00 in a research note on Friday, March 15th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $19.61.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the transaction, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the transaction, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the transaction, the insider now directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock valued at $717,274 in the last ninety days. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of the stock. PFG Investments LLC raised its stake in shares of Rivian Automotive by 47.2% in the first quarter. PFG Investments LLC now owns 17,952 shares of the electric vehicle automaker’s stock worth $197,000 after acquiring an additional 5,754 shares during the last quarter. IFM Investors Pty Ltd raised its stake in shares of Rivian Automotive by 2.2% in the first quarter. IFM Investors Pty Ltd now owns 139,868 shares of the electric vehicle automaker’s stock worth $1,532,000 after acquiring an additional 2,985 shares during the last quarter. Norden Group LLC bought a new position in shares of Rivian Automotive in the first quarter worth about $132,000. Albion Financial Group UT raised its stake in shares of Rivian Automotive by 346.4% in the first quarter. Albion Financial Group UT now owns 104,181 shares of the electric vehicle automaker’s stock worth $1,141,000 after acquiring an additional 80,841 shares during the last quarter. Finally, SteelPeak Wealth LLC bought a new position in shares of Rivian Automotive in the first quarter worth about $265,000. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Stock Performance

The company has a market capitalization of $8.59 billion, a P/E ratio of -1.53 and a beta of 1.88. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The stock’s 50 day simple moving average is $11.39 and its two-hundred day simple moving average is $15.77.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. As a group, research analysts expect that Rivian Automotive, Inc. will post -4.79 earnings per share for the current year.

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.