Rivian Automotive (NASDAQ:RIVN) Trading Down 1.3% After Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price fell 1.3% during trading on Monday 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 $8.31 and last traded at $8.52. 14,668,214 shares changed hands during trading, a decline of 66% from the average session volume of 42,704,582 shares. The stock had previously closed at $8.63.

Several other equities research analysts also recently commented on the stock. Jefferies Financial Group began coverage on shares of Rivian Automotive in a research report on Thursday, March 7th. They set a “buy” rating and a $16.00 target price on the stock. UBS Group upgraded shares of Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 target price on the stock in a research report on Tuesday, April 16th. The Goldman Sachs Group cut their target price on shares of Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, January 25th. Bank of America dropped their price target on shares of Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, February 22nd. Finally, Mizuho restated a “neutral” rating and issued a $12.00 price target on shares of Rivian Automotive in a research report on Monday, March 25th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Moderate Buy” and a consensus target price of $19.61.

Insider Activity

In other news, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction 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 completion of the sale, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the business’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 completion of the sale, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction 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 sale, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock worth $717,274 in the last quarter. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its stake in Rivian Automotive by 35.7% during the 4th 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 in the last quarter. Vanguard Group Inc. grew its stake in shares of Rivian Automotive by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after acquiring an additional 4,467,881 shares in the last quarter. Morgan Stanley grew its stake in shares of Rivian Automotive by 14.0% in the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after acquiring an additional 1,193,650 shares in the last quarter. Norges Bank bought a new stake in shares of Rivian Automotive in the 4th quarter worth $129,427,000. Finally, Northern Trust Corp grew its stake in shares of Rivian Automotive by 14.8% in the 3rd quarter. Northern Trust Corp now owns 4,235,291 shares of the electric vehicle automaker’s stock worth $102,833,000 after acquiring an additional 544,588 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. The stock has a market cap of $8.59 billion, a P/E ratio of -1.53 and a beta of 1.88. The company’s 50 day moving average price is $11.39 and its 200-day moving average price is $15.77.

Rivian Automotive (NASDAQ:RIVN) last posted its 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. 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 during the quarter, compared to analyst estimates of $1.28 billion. Equities analysts forecast that Rivian Automotive, Inc. will post -4.79 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.