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

Rivian Automotive, Inc. (NASDAQ:RIVN) shares gapped down before the market opened on Wednesday after Cantor Fitzgerald lowered their price target on the stock from $23.00 to $15.00. The stock had previously closed at $10.25, but opened at $9.51. Cantor Fitzgerald currently has an overweight rating on the stock. Rivian Automotive shares last traded at $9.69, with a volume of 22,205,895 shares.

Other analysts also recently issued reports about the company. Bank of America decreased their target price on Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, February 22nd. Truist Financial restated a “hold” rating and set a $10.00 target price (down from $11.00) on shares of Rivian Automotive in a report on Thursday, May 2nd. Jefferies Financial Group initiated coverage on shares of Rivian Automotive in a report on Thursday, March 7th. They issued a “buy” rating and a $16.00 price target on the stock. Wells Fargo & Company lowered their price target on shares of Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Finally, Mizuho cut their price objective on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.00.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, insider Kjell Gruner sold 19,935 shares of the firm’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 sale, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of 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. Insiders sold 54,306 shares of company stock worth $717,274 over the last three months. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its holdings 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. Baillie Gifford & Co. increased its position in shares of Rivian Automotive by 714.3% during the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after acquiring an additional 22,194,018 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Rivian Automotive by 1,521.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after acquiring an additional 5,937,605 shares in the last quarter. Norges Bank purchased a new position in Rivian Automotive in the fourth quarter valued at about $129,427,000. Finally, Vanguard Group Inc. grew its stake in Rivian Automotive by 7.0% during the 4th 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 in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Stock Up 0.2 %

The company has a market capitalization of $10.04 billion, a PE ratio of -1.79 and a beta of 1.91. 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 firm has a fifty day simple moving average of $10.35 and a 200-day simple moving average of $15.00.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data 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 the consensus estimate of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. Equities research analysts anticipate that Rivian Automotive, Inc. will post -4.77 EPS for the current fiscal year.

Rivian Automotive Company Profile

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.