Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1% After Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) shares fell 1% on Thursday after Cantor Fitzgerald lowered their price target on the stock from $23.00 to $15.00. Cantor Fitzgerald currently has an overweight rating on the stock. Rivian Automotive traded as low as $10.04 and last traded at $10.17. 11,616,080 shares changed hands during trading, a decline of 73% from the average session volume of 42,437,270 shares. The stock had previously closed at $10.27.

Other research analysts have also recently issued research reports about the company. Bank of America decreased their price target on Rivian Automotive from $40.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, February 22nd. Truist Financial restated a “hold” rating and set a $10.00 target price (down previously from $11.00) on shares of Rivian Automotive in a research note on Thursday, May 2nd. Piper Sandler upgraded shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $15.00 to $21.00 in a research note on Friday, March 15th. The Goldman Sachs Group lowered their price objective on shares of Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, January 25th. Finally, Mizuho cut their target price on shares of Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

Insider Buying and Selling

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the sale, the insider now directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jeff Baker sold 31,425 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $13.18, for a total transaction of $414,181.50. Following the transaction, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its stake in shares of Rivian Automotive by 35.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after purchasing an additional 25,550,489 shares during the period. Vanguard Group Inc. increased its holdings in Rivian Automotive by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after purchasing an additional 4,467,881 shares during the period. Baillie Gifford & Co. raised its position in Rivian Automotive by 714.3% during the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after purchasing an additional 22,194,018 shares in the last quarter. Morgan Stanley raised its position in Rivian Automotive by 14.0% during the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after purchasing an additional 1,193,650 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Rivian Automotive by 1,521.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after buying an additional 5,937,605 shares during the period. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Down 0.5 %

The firm has a market cap of $9.99 billion, a P/E ratio of -1.78 and a beta of 1.91. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. The business has a 50-day moving average price of $10.33 and a 200-day moving average price of $14.97.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.67) by $0.09. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. On average, equities analysts forecast that Rivian Automotive, Inc. will post -4.77 EPS for the current fiscal 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.