Rivian Automotive (NASDAQ:RIVN) Downgraded to Underperform Rating by Bank of America

Bank of America downgraded shares of Rivian Automotive (NASDAQ:RIVN) from a neutral rating to an underperform rating in a research note released on Monday morning, MarketBeat Ratings reports. The firm currently has $10.00 target price on the electric vehicle automaker’s stock, down from their prior target price of $13.00.

RIVN has been the topic of several other research reports. Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price on the stock. Piper Sandler cut their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. Barclays raised their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 22nd. Finally, Royal Bank of Canada lowered their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $14.87.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $11.96 on Monday. The company has a 50 day moving average of $13.49 and a 200 day moving average of $12.48. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a market cap of $12.21 billion, a P/E ratio of -2.53 and a beta of 2.04. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $18.85.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. As a group, sell-side analysts forecast that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 18,501 shares of Rivian Automotive stock in a transaction on Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the transaction, the chief financial officer now owns 351,900 shares in the company, valued at approximately $5,278,500. The trade was a 4.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,879,847.36. This represents a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 275,357 shares of company stock valued at $3,988,140 in the last ninety days. 2.51% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Tandem Financial LLC bought a new position in Rivian Automotive in the 4th quarter worth $25,000. Bank of Jackson Hole Trust bought a new position in Rivian Automotive in the 4th quarter worth approximately $27,000. Wilmington Savings Fund Society FSB purchased a new stake in Rivian Automotive during the 3rd quarter valued at approximately $28,000. GHP Investment Advisors Inc. raised its position in shares of Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 1,002 shares during the last quarter. Finally, American Capital Advisory LLC grew its position in shares of Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after purchasing an additional 2,111 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.