Rivian Automotive (NASDAQ:RIVN) Shares Down 1.3% Following Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 1.3% on Monday after Wall Street Zen downgraded the stock from a hold rating to a sell rating. The stock traded as low as $15.56 and last traded at $15.75. Approximately 17,323,079 shares changed hands during trading, a decline of 44% from the average daily volume of 30,908,434 shares. The stock had previously closed at $15.95.

A number of other research analysts also recently weighed in on the company. Canaccord Genuity Group reissued a “buy” rating on shares of Rivian Automotive in a research note on Monday, December 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a report on Wednesday, October 8th. DA Davidson lifted their price target on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Tuesday, November 11th. Wolfe Research downgraded shares of Rivian Automotive from a “peer perform” rating to an “underperform” rating in a report on Monday, January 12th. Finally, Cfra Research upgraded shares of Rivian Automotive to a “moderate sell” rating in a research note on Thursday, October 2nd. Eight research analysts have rated the stock with a Buy rating, nine have given a Hold rating and eight have assigned a Sell rating to the stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus price target of $16.23.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 52,350 shares of the company’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total transaction of $869,010.00. Following the completion of the transaction, the chief executive officer directly owned 1,246,405 shares in the company, valued at $20,690,323. This represents a 4.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Peter Krawiec sold 3,655 shares of the firm’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $19.45, for a total transaction of $71,089.75. Following the completion of the sale, the director owned 29,122 shares in the company, valued at $566,422.90. This represents a 11.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 172,504 shares of company stock valued at $3,012,734. 2.16% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. Assetmark Inc. grew its holdings in shares of Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock worth $25,000 after purchasing an additional 1,357 shares in the last quarter. Newbridge Financial Services Group Inc. lifted its position in Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 1,000 shares during the period. Mather Group LLC. acquired a new stake in Rivian Automotive during the third quarter worth $30,000. Fairman Group LLC bought a new stake in Rivian Automotive in the 2nd quarter valued at $31,000. Finally, Hemington Wealth Management raised its stake in shares of Rivian Automotive by 291.0% in the 3rd quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock valued at $31,000 after buying an additional 1,580 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Stock Down 1.3%

The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The business’s fifty day moving average price is $18.03 and its 200 day moving average price is $15.19. The company has a market capitalization of $19.31 billion, a P/E ratio of -5.06 and a beta of 1.77.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.71) by $0.06. The firm had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The company’s quarterly revenue was up 78.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.08) earnings per share. As a group, equities research analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.