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

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 1.3% during mid-day trading on Thursday after The Goldman Sachs Group lowered their price target on the stock from $15.00 to $13.00. The Goldman Sachs Group currently has a neutral rating on the stock. Rivian Automotive traded as low as $14.48 and last traded at $15.22. 88,367,147 shares changed hands during mid-day trading, an increase of 138% from the average session volume of 37,108,629 shares. The stock had previously closed at $15.42.

Several other analysts have also recently issued reports on the stock. Cfra Research raised shares of Rivian Automotive to a “moderate sell” rating in a research note on Thursday, October 2nd. Stifel Nicolaus cut their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Wedbush lowered their target price on shares of Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday, August 6th. UBS Group lifted their target price on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, October 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 target price on shares of Rivian Automotive in a research note on Monday, August 25th. Five analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and six have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $13.75.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total transaction of $244,300.00. Following the transaction, the chief executive officer directly owned 1,316,205 shares of the company’s stock, valued at $18,426,870. This represents a 1.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer directly owned 789,445 shares in the company, valued at $9,694,384.60. This trade represents a 0.91% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 42,147 shares of company stock valued at $577,593. 2.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently modified their holdings of the company. Brighton Jones LLC boosted its position in shares of Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after acquiring an additional 3,864 shares during the last quarter. Amalgamated Bank raised its position in shares of Rivian Automotive by 4.3% in the 1st quarter. Amalgamated Bank now owns 44,708 shares of the electric vehicle automaker’s stock worth $557,000 after buying an additional 1,826 shares during the period. Teacher Retirement System of Texas acquired a new position in Rivian Automotive in the first quarter valued at $1,382,000. Bank of New York Mellon Corp grew its position in Rivian Automotive by 2.9% during the first quarter. Bank of New York Mellon Corp now owns 3,199,174 shares of the electric vehicle automaker’s stock valued at $39,830,000 after acquiring an additional 89,136 shares during the period. Finally, Brown Advisory Inc. increased its stake in Rivian Automotive by 2.4% during the first quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker’s stock worth $405,000 after acquiring an additional 772 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Trading Up 0.1%

The company has a market capitalization of $18.48 billion, a PE ratio of -4.90 and a beta of 1.81. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.72 and a current ratio of 2.71. The business has a fifty day moving average price of $13.90 and a 200 day moving average price of $13.67.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.02. The firm had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The company’s revenue was up 78.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.08) EPS. Analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

About Rivian Automotive

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.