Rivian Automotive (NASDAQ:RIVN) Stock Rating Lowered by Piper Sandler

Rivian Automotive (NASDAQ:RIVN) was downgraded by analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. They presently have a $13.00 target price on the electric vehicle automaker’s stock, down from their prior target price of $19.00. Piper Sandler’s price objective would suggest a potential upside of 12.07% from the stock’s previous close.

Several other brokerages also recently commented on RIVN. Guggenheim reduced their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Mizuho reduced their target price on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, March 17th. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Benchmark reissued a “buy” rating and issued a $18.00 target price on shares of Rivian Automotive in a report on Tuesday. Finally, Truist Financial boosted their target price on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $14.38.

Rivian Automotive Trading Up 6.6 %

RIVN stock opened at $11.60 on Thursday. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $18.86. The firm has a market cap of $13.12 billion, a P/E ratio of -2.46 and a beta of 2.03. The business’s 50 day moving average is $12.41 and its 200-day moving average is $12.17. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

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

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the 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 completion of the transaction, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock valued at $2,735,619 in the last 90 days. 2.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently modified their holdings of RIVN. Oppenheimer & Co. Inc. grew its holdings in shares of Rivian Automotive by 59.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 25,451 shares of the electric vehicle automaker’s stock valued at $286,000 after acquiring an additional 9,441 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Rivian Automotive by 59.1% in the 3rd quarter. Empowered Funds LLC now owns 18,466 shares of the electric vehicle automaker’s stock valued at $207,000 after acquiring an additional 6,860 shares in the last quarter. Swiss National Bank grew its holdings in shares of Rivian Automotive by 2.1% in the 3rd quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock valued at $24,665,000 after acquiring an additional 45,200 shares in the last quarter. Quest Partners LLC grew its holdings in shares of Rivian Automotive by 109.0% in the 3rd quarter. Quest Partners LLC now owns 13,945 shares of the electric vehicle automaker’s stock valued at $156,000 after acquiring an additional 7,273 shares in the last quarter. Finally, Pathstone Holdings LLC grew its holdings in shares of Rivian Automotive by 8.4% in the 3rd quarter. Pathstone Holdings LLC now owns 118,237 shares of the electric vehicle automaker’s stock valued at $1,327,000 after acquiring an additional 9,187 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

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.