Rivian Automotive (NASDAQ:RIVN) Shares Down 4.2% on Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) shares dropped 4.2% during trading on Wednesday after Cantor Fitzgerald lowered their price target on the stock from $23.00 to $15.00. Cantor Fitzgerald currently has an overweight rating on the stock. Rivian Automotive traded as low as $9.25 and last traded at $9.82. Approximately 26,483,827 shares traded hands during trading, a decline of 37% from the average daily volume of 42,291,457 shares. The stock had previously closed at $10.25.

A number of other research analysts have also commented on the stock. Evercore ISI reduced their price target on shares of Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating for the company in a research report on Thursday, February 22nd. Jefferies Financial Group assumed coverage on shares of Rivian Automotive in a report on Thursday, March 7th. They set a “buy” rating and a $16.00 price objective for the company. Wells Fargo & Company dropped their price objective on shares of Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday. The Goldman Sachs Group dropped their price objective on shares of Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, January 25th. Finally, Barclays dropped their price objective on shares of Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Friday, April 19th. One 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. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $19.00.

Insiders Place Their Bets

In related news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the transaction, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction 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 owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction 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 owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,306 shares of company stock worth $717,274. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds have recently made changes to their positions in RIVN. Bear Mountain Capital Inc. bought a new stake in Rivian Automotive in the 4th quarter worth approximately $26,000. Ancora Advisors LLC bought a new position in shares of Rivian Automotive during the 3rd quarter valued at approximately $27,000. First Horizon Advisors Inc. grew its holdings in shares of Rivian Automotive by 1,537.0% in the third quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after purchasing an additional 1,245 shares in the last quarter. Principal Securities Inc. bought a new stake in Rivian Automotive in the fourth quarter worth $33,000. Finally, Benjamin Edwards Inc. purchased a new stake in Rivian Automotive during the first quarter valued at $33,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Stock Up 0.2 %

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 company’s 50-day simple moving average is $10.35 and its 200 day simple moving average is $15.00. The firm has a market cap of $10.04 billion, a P/E ratio of -1.79 and a beta of 1.91.

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 business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. Research analysts anticipate 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.