Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1% After Analyst Downgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 1% during trading on Thursday 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 $10.04 and last traded at $10.17. 11,616,080 shares traded hands during trading, a decline of 73% from the average session volume of 42,437,270 shares. The stock had previously closed at $10.27.

Several other equities research analysts also recently commented on the stock. Barclays decreased their target price on shares of Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Friday, April 19th. Robert W. Baird decreased their price target on Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating for the company in a report on Thursday, February 22nd. Truist Financial restated a “hold” rating and set a $10.00 price objective (down from $11.00) on shares of Rivian Automotive in a research note on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $13.00 price target on shares of Rivian Automotive in a research report on Wednesday. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Insider Buying and Selling at Rivian Automotive

In other news, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction that occurred 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 transaction, the chief accounting officer now directly 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 can be accessed through this link. Also, 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 sale, the chief financial officer now directly owns 155,749 shares in the company, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. Insiders have sold a total of 54,306 shares of company stock worth $717,274 over the last ninety days. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently made changes to their positions in RIVN. Price T Rowe Associates Inc. MD increased its position in shares of 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 buying an additional 25,550,489 shares during the period. Baillie Gifford & Co. grew its stake in 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 valued at $277,046,000 after acquiring an additional 22,194,018 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Rivian Automotive by 1,521.2% during the 1st 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 during the period. Norges Bank purchased a new stake in Rivian Automotive in the 4th quarter worth approximately $129,427,000. Finally, Vanguard Group Inc. grew its position in shares of 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.

Rivian Automotive Trading Down 0.5 %

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 stock has a market cap of $9.99 billion, a P/E ratio of -1.78 and a beta of 1.91. The firm’s fifty day moving average price is $10.33 and its two-hundred day moving average price is $14.97.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. As a group, equities research analysts forecast that Rivian Automotive, Inc. will post -4.77 EPS for the current 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.