Rivian Automotive (NASDAQ:RIVN) Shares Gap Down Following Analyst Downgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) gapped down prior to trading on Wednesday after Cantor Fitzgerald lowered their price target on the stock from $23.00 to $15.00. The stock had previously closed at $10.25, but opened at $9.51. Cantor Fitzgerald currently has an overweight rating on the stock. Rivian Automotive shares last traded at $9.69, with a volume of 22,205,895 shares traded.

A number of other analysts also recently issued reports on the stock. Piper Sandler upgraded shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $15.00 to $21.00 in a report on Friday, March 15th. Wells Fargo & Company reduced their price objective on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday. Robert W. Baird dropped their price target on Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a research report on Thursday, February 22nd. The Goldman Sachs Group decreased their price objective on Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, January 25th. Finally, JPMorgan Chase & Co. lowered shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $20.00 to $11.00 in a research report on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Rivian Automotive has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares in the company, valued at approximately $2,523,133.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CAO Jeff Baker sold 31,425 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the transaction, the chief accounting officer now owns 52,415 shares in the company, valued at $690,829.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the sale, the chief financial officer now owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The disclosure for this sale can be found here. Insiders have sold 54,306 shares of company stock worth $717,274 over the last ninety days. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently modified their holdings of the company. Bear Mountain Capital Inc. purchased a new position in shares of Rivian Automotive during the fourth quarter valued at about $26,000. Ancora Advisors LLC bought a new position in shares of Rivian Automotive in the 3rd quarter worth approximately $27,000. First Horizon Advisors Inc. lifted its stake in shares of Rivian Automotive by 1,537.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after purchasing an additional 1,245 shares during the period. Principal Securities Inc. bought a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $33,000. Finally, Benjamin Edwards Inc. purchased a new stake in Rivian Automotive in the first quarter worth $33,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48. The firm has a market cap of $10.04 billion, a P/E ratio of -1.79 and a beta of 1.91. The business has a fifty day simple moving average of $10.35 and a 200-day simple moving average of $15.00.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping the consensus estimate 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, sell-side analysts predict 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.