Rivian Automotive (NASDAQ:RIVN) Shares Down 0.5% on Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was down 0.5% on Tuesday after Robert W. Baird lowered their price target on the stock from $16.00 to $14.00. Robert W. Baird currently has a neutral rating on the stock. Rivian Automotive traded as low as $11.82 and last traded at $11.97. Approximately 4,629,983 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 36,853,021 shares. The stock had previously closed at $12.03.

A number of other equities research analysts also recently weighed in on RIVN. Truist Financial lifted their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. TD Cowen began coverage on Rivian Automotive in a report on Friday, March 7th. They set a “hold” rating and a $12.70 target price on the stock. Piper Sandler downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $19.00 to $13.00 in a research note on Thursday, March 20th. Bank of America downgraded shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. Finally, Cantor Fitzgerald cut shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $13.00 to $15.00 in a research report on Friday, February 21st. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $14.17.

Insider Activity

In other news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. This represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,427 shares of company stock valued at $2,237,044. 2.51% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently made changes to their positions in the business. Tandem Financial LLC bought a new stake in Rivian Automotive in the fourth quarter valued at $25,000. PFS Partners LLC boosted its stake in shares of Rivian Automotive by 1,882.0% during the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 1,882 shares in the last quarter. Bank of Jackson Hole Trust purchased a new position in shares of Rivian Automotive during the fourth quarter valued at about $27,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive during the third quarter valued at about $28,000. Finally, Orion Capital Management LLC bought a new position in Rivian Automotive in the fourth quarter worth about $34,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Stock Down 0.5 %

The company’s fifty day simple moving average is $11.97 and its 200 day simple moving average is $12.06. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $13.54 billion, a PE ratio of -2.53 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share 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.