Rivian Automotive (NASDAQ:RIVN) Trading Down 0.2% Following Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded 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. 6,571,837 shares were traded during mid-day trading, a decline of 85% from the average session volume of 42,812,711 shares. The stock had previously closed at $8.83.

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. lowered Rivian Automotive from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $20.00 to $11.00 in a report on Thursday, February 22nd. Wells Fargo & Company cut their price objective on Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating for the company in a report on Thursday, February 22nd. Mizuho reaffirmed a “neutral” rating and issued a $12.00 price objective on shares of Rivian Automotive in a report on Monday, March 25th. Needham & Company LLC cut their price objective on Rivian Automotive from $18.00 to $13.00 and set a “buy” rating for the company in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $15.00 price objective on shares of Rivian Automotive in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.61.

Insider Activity

In other news, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the transaction, the chief accounting officer now directly 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 is available through this hyperlink. In related news, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the sale, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total value 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. Insiders have sold 54,306 shares of company stock worth $717,274 over the last ninety days. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its position in Rivian Automotive by 35.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after purchasing an additional 25,550,489 shares during the period. Vanguard Group Inc. raised its position in Rivian Automotive by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after purchasing an additional 4,467,881 shares during the period. BlackRock Inc. raised its position in Rivian Automotive by 2.9% during the first quarter. BlackRock Inc. now owns 50,903,971 shares of the electric vehicle automaker’s stock valued at $787,993,000 after purchasing an additional 1,443,514 shares during the period. Moneta Group Investment Advisors LLC purchased a new stake in Rivian Automotive during the fourth quarter valued at approximately $228,175,000. Finally, State Street Corp raised its position in Rivian Automotive by 22.6% during the second quarter. State Street Corp now owns 11,704,572 shares of the electric vehicle automaker’s stock valued at $194,998,000 after purchasing an additional 2,156,922 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Stock Performance

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 business has a 50-day simple moving average of $11.54 and a 200-day simple moving average of $15.93. The firm has a market capitalization of $8.44 billion, a PE ratio of -1.50 and a beta of 1.88.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. The firm 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%. Equities research analysts expect that Rivian Automotive, Inc. will post -4.8 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.