Rivian Automotive (NASDAQ:RIVN) Stock Price Down 9% on Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) was down 9% on Wednesday after Guggenheim lowered their price target on the stock from $21.00 to $18.00. Guggenheim currently has a buy rating on the stock. Rivian Automotive traded as low as $9.63 and last traded at $9.64. Approximately 27,702,105 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 38,568,707 shares. The stock had previously closed at $10.59.

Several other research analysts also recently weighed in on RIVN. UBS Group reduced their target price on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Wolfe Research began coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. Barclays cut their target price on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $19.00 price objective on shares of Rivian Automotive in a research note on Monday, September 30th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $16.95.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 169,876 shares of company stock worth $2,153,551 in the last 90 days. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Norden Group LLC acquired a new position in Rivian Automotive during the 1st quarter worth about $132,000. Private Advisor Group LLC boosted its stake in shares of Rivian Automotive by 3.1% in the first quarter. Private Advisor Group LLC now owns 48,243 shares of the electric vehicle automaker’s stock valued at $528,000 after purchasing an additional 1,432 shares during the period. Janney Montgomery Scott LLC grew its holdings in shares of Rivian Automotive by 19.4% in the first quarter. Janney Montgomery Scott LLC now owns 171,243 shares of the electric vehicle automaker’s stock valued at $1,875,000 after purchasing an additional 27,784 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in Rivian Automotive by 27.5% during the 1st quarter. Daiwa Securities Group Inc. now owns 76,544 shares of the electric vehicle automaker’s stock worth $838,000 after buying an additional 16,487 shares during the period. Finally, Larson Financial Group LLC lifted its holdings in Rivian Automotive by 95.4% during the 1st quarter. Larson Financial Group LLC now owns 16,854 shares of the electric vehicle automaker’s stock worth $185,000 after buying an additional 8,228 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Price Performance

The company’s 50-day simple moving average is $11.51 and its 200 day simple moving average is $12.32. The company has a market cap of $9.79 billion, a PE ratio of -1.63 and a beta of 2.04. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. On average, sell-side analysts predict that Rivian Automotive, Inc. will post -4.84 earnings per share 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.