Rivian Automotive (NASDAQ:RIVN) Stock Price Down 3% After Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) shares fell 3% during trading on Friday after The Goldman Sachs Group lowered their price target on the stock from $14.00 to $12.00. The Goldman Sachs Group currently has a neutral rating on the stock. Rivian Automotive traded as low as $10.93 and last traded at $11.12. 7,956,534 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 37,219,329 shares. The stock had previously closed at $11.46.

Several other research firms have also commented on RIVN. Cowen started coverage on shares of Rivian Automotive in a report on Thursday, March 6th. They set a “hold” rating on the stock. Truist Financial raised their price target on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. TD Cowen assumed coverage on Rivian Automotive in a research report on Friday, March 7th. They set a “hold” rating and a $12.70 price objective on the stock. Mizuho reduced their target price on shares of Rivian Automotive from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and an average price target of $14.25.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,427 shares of company stock worth $2,237,044. 2.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently bought and sold shares of the stock. Dimension Capital Management LLC lifted its stake in Rivian Automotive by 5.5% in the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock worth $208,000 after purchasing an additional 819 shares in the last quarter. Tradition Wealth Management LLC lifted its position in shares of Rivian Automotive by 7.2% in the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock worth $168,000 after buying an additional 849 shares in the last quarter. RFG Holdings Inc. boosted its stake in Rivian Automotive by 5.2% during the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock valued at $296,000 after buying an additional 1,096 shares during the last quarter. Oppenheimer & Co. Inc. grew its holdings in Rivian Automotive by 4.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock valued at $354,000 after buying an additional 1,160 shares in the last quarter. Finally, Freestone Capital Holdings LLC increased its stake in Rivian Automotive by 4.1% in the 4th quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker’s stock worth $390,000 after acquiring an additional 1,164 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Stock Up 0.1 %

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a market capitalization of $12.97 billion, a PE ratio of -2.43 and a beta of 1.89. The company has a fifty day moving average price of $11.99 and a 200-day moving average price of $12.05.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. As a group, analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share 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.