Rivian Automotive (NASDAQ:RIVN) Shares Down 1.4% After Analyst Downgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 1.4% during mid-day trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $14.00 to $12.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Rivian Automotive traded as low as $10.32 and last traded at $10.34. 4,470,116 shares traded hands during trading, a decline of 89% from the average session volume of 39,181,434 shares. The stock had previously closed at $10.49.

Several other research firms have also recently issued reports on RIVN. Cantor Fitzgerald restated an “overweight” rating and set a $19.00 price objective on shares of Rivian Automotive in a report on Monday, September 30th. Needham & Company LLC cut their target price on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. The Goldman Sachs Group cut their target price on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Barclays cut their target price on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $14.00 target price on shares of Rivian Automotive in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $17.09.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred 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 directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 169,876 shares of company stock worth $2,153,551. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RIVN. Assenagon Asset Management S.A. grew its position in Rivian Automotive by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock worth $492,000 after purchasing an additional 604 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after acquiring an additional 670 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Rivian Automotive by 28.0% during the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after acquiring an additional 760 shares in the last quarter. Certuity LLC grew its holdings in shares of Rivian Automotive by 8.1% during the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after acquiring an additional 815 shares in the last quarter. Finally, Sanders Morris Harris LLC grew its holdings in shares of Rivian Automotive by 8.9% during the 2nd quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock valued at $136,000 after acquiring an additional 823 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

The firm’s fifty day moving average price is $12.17 and its 200 day moving average price is $12.25. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The firm has a market capitalization of $10.11 billion, a PE ratio of -1.76 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. On average, research analysts anticipate that Rivian Automotive, Inc. will post -4.88 earnings per share for the current year.

Rivian Automotive Company Profile

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.