Rivian Automotive (NASDAQ:RIVN) Shares Down 2% After Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) was down 2% on Tuesday after Stifel Nicolaus lowered their price target on the stock from $18.00 to $16.00. Stifel Nicolaus currently has a buy rating on the stock. Rivian Automotive traded as low as $10.57 and last traded at $10.82. Approximately 8,628,813 shares were traded during trading, a decline of 78% from the average daily volume of 38,835,012 shares. The stock had previously closed at $11.04.

RIVN has been the topic of a number of other research reports. Bank of America downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $20.00 to $13.00 in a report on Friday, November 8th. UBS Group dropped their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Royal Bank of Canada decreased their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Guggenheim cut their price target on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, Piper Sandler decreased their price objective on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $15.68.

Insider Transactions at Rivian Automotive

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

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC lifted its holdings in Rivian Automotive by 1,870.7% during the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock valued at $608,000 after purchasing an additional 51,464 shares in the last quarter. Vontobel Holding Ltd. lifted its stake in Rivian Automotive by 543.8% in the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock worth $1,601,000 after purchasing an additional 120,544 shares in the last quarter. Renaissance Capital LLC boosted its holdings in shares of Rivian Automotive by 20.0% during the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock worth $9,958,000 after purchasing an additional 148,197 shares during the last quarter. Private Advisory Group LLC purchased a new stake in shares of Rivian Automotive in the third quarter valued at approximately $2,109,000. Finally, Royal London Asset Management Ltd. increased its holdings in shares of Rivian Automotive by 19.6% in the second quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock valued at $4,027,000 after purchasing an additional 49,216 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

The stock has a 50-day moving average of $11.25 and a 200 day moving average of $12.39. The stock has a market cap of $10.67 billion, a PE ratio of -1.89 and a beta of 2.04. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81.

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.