Rivian Automotive (NASDAQ:RIVN) Shares Down 0.2% After Analyst Downgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were down 0.2% during trading on Friday 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 $8.62 and last traded at $8.81. Approximately 6,571,837 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 42,812,711 shares. The stock had previously closed at $8.83.

A number of other brokerages have also recently commented on RIVN. UBS Group raised shares of Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 target price for the company in a report on Tuesday. Truist Financial reaffirmed a “hold” rating and set a $11.00 price objective on shares of Rivian Automotive in a research note on Friday, April 12th. DA Davidson lowered their target price on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Jefferies Financial Group started coverage on Rivian Automotive in a research note on Thursday, March 7th. They set a “buy” rating and a $16.00 price target for the company. Finally, Mizuho reiterated a “neutral” rating and issued a $12.00 price objective on shares of Rivian Automotive in a research report on Monday, March 25th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.61.

Insider Buying and Selling at Rivian Automotive

In other news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction 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 completion of the transaction, the insider now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Rivian Automotive news, 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 completion of the transaction, the insider now owns 407,787 shares in the company, valued at $5,223,751.47. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Jeff Baker sold 31,425 shares of the stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now owns 52,415 shares in the company, valued at $690,829.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,306 shares of company stock valued at $717,274. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently made changes to their positions in RIVN. SteelPeak Wealth LLC acquired a new stake in shares of Rivian Automotive during the first quarter valued at $265,000. Vicus Capital boosted its stake in shares of Rivian Automotive by 11.6% during the 1st quarter. Vicus Capital now owns 13,633 shares of the electric vehicle automaker’s stock worth $149,000 after purchasing an additional 1,422 shares during the last quarter. RFG Holdings Inc. grew its holdings in shares of Rivian Automotive by 74.7% during the first quarter. RFG Holdings Inc. now owns 17,914 shares of the electric vehicle automaker’s stock worth $196,000 after buying an additional 7,659 shares in the last quarter. Austin Private Wealth LLC raised its position in shares of Rivian Automotive by 64.7% in the first quarter. Austin Private Wealth LLC now owns 25,787 shares of the electric vehicle automaker’s stock valued at $272,000 after buying an additional 10,128 shares during the last quarter. Finally, Strategic Planning Group LLC purchased a new position in shares of Rivian Automotive during the first quarter valued at approximately $867,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Stock Performance

The stock has a market cap of $8.57 billion, a price-to-earnings 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 moving average is $11.71 and its 200-day moving average is $16.03.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data 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 business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. Analysts anticipate that Rivian Automotive, Inc. will post -4.8 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.