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

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were down 1.3% during trading on Monday after Wall Street Zen downgraded the stock from a hold rating to a sell rating. The stock traded as low as $15.56 and last traded at $15.75. Approximately 17,323,079 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 30,908,434 shares. The stock had previously closed at $15.95.

A number of other research analysts have also issued reports on the stock. DA Davidson increased their target price on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 11th. Canaccord Genuity Group reissued a “buy” rating on shares of Rivian Automotive in a research report on Monday, December 15th. Wolfe Research lowered Rivian Automotive from a “peer perform” rating to an “underperform” rating in a research note on Monday, January 12th. Robert W. Baird upgraded Rivian Automotive from a “neutral” rating to an “outperform” rating and upped their target price for the company from $14.00 to $25.00 in a research report on Thursday, December 18th. Finally, Zacks Research raised Rivian Automotive from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Eight investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and eight have issued a Sell rating to the company’s stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and an average price target of $16.23.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 8,039 shares of Rivian Automotive stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $18.00, for a total value of $144,702.00. Following the transaction, the chief financial officer owned 730,017 shares in the company, valued at approximately $13,140,306. This trade represents a 1.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $16.03, for a total value of $279,723.50. Following the sale, the chief executive officer owned 1,115,209 shares of the company’s stock, valued at approximately $17,876,800.27. This represents a 1.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 172,504 shares of company stock valued at $3,012,734. 2.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently added to or reduced their stakes in the stock. Brighton Jones LLC boosted its position in Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after buying an additional 3,864 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Rivian Automotive by 1.5% in the 1st quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock valued at $4,733,000 after acquiring an additional 5,590 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Rivian Automotive by 10.1% during the 1st quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock valued at $679,000 after acquiring an additional 4,998 shares in the last quarter. Focus Partners Wealth grew its position in Rivian Automotive by 29.0% during the 1st quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock worth $803,000 after acquiring an additional 14,497 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in Rivian Automotive by 57.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock worth $64,000 after purchasing an additional 1,856 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Stock Down 3.0%

The firm has a 50-day simple moving average of $18.04 and a 200 day simple moving average of $15.20. The stock has a market capitalization of $18.72 billion, a P/E ratio of -4.91 and a beta of 1.77. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.71) by $0.06. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The company had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the previous year, the business posted ($1.08) earnings per share. The business’s quarterly revenue was up 78.3% compared to the same quarter last year. On average, equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.