Rivian Automotive (NASDAQ:RIVN) Stock Price Down 4.2% After Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded down 4.2% on Wednesday after Mizuho lowered their price target on the stock from $12.00 to $11.00. Mizuho currently has a neutral rating on the stock. Rivian Automotive traded as low as $9.25 and last traded at $9.82. 26,483,827 shares changed hands during trading, a decline of 37% from the average session volume of 42,291,457 shares. The stock had previously closed at $10.25.

Several other equities analysts have also issued reports on the company. UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price target on the stock in a research note on Tuesday, April 16th. JPMorgan Chase & Co. cut Rivian Automotive from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $20.00 to $11.00 in a research report on Thursday, February 22nd. Evercore ISI lowered their price target on shares of Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 price objective on shares of Rivian Automotive in a report on Wednesday. Finally, Jefferies Financial Group initiated coverage on shares of Rivian Automotive in a research note on Thursday, March 7th. They issued a “buy” rating and a $16.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.52.

Insider Activity

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction dated 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 directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,306 shares of company stock valued at $717,274. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently modified their holdings of the business. Federated Hermes Inc. raised its position in Rivian Automotive by 8.2% during the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock worth $201,000 after acquiring an additional 651 shares in the last quarter. Moneta Group Investment Advisors LLC raised its position in Rivian Automotive by 5.3% during the third quarter. Moneta Group Investment Advisors LLC now owns 13,335 shares of the electric vehicle automaker’s stock worth $324,000 after acquiring an additional 668 shares in the last quarter. Laidlaw Wealth Management LLC raised its position in Rivian Automotive by 7.5% during the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after acquiring an additional 718 shares in the last quarter. Jamison Private Wealth Management Inc. raised its position in Rivian Automotive by 10.8% during the fourth quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock worth $175,000 after acquiring an additional 727 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its position in Rivian Automotive by 13.7% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 6,416 shares of the electric vehicle automaker’s stock worth $156,000 after acquiring an additional 775 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Price Performance

The stock has a market capitalization of $9.65 billion, a P/E ratio of -1.71 and a beta of 1.91. The company’s 50-day simple moving average is $10.37 and its 200-day simple moving average is $15.04. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -4.77 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.