Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.4% on Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 2.4% on Tuesday after Guggenheim lowered their price target on the stock from $18.00 to $16.00. Guggenheim currently has a buy rating on the stock. Rivian Automotive traded as low as $11.51 and last traded at $11.68. Approximately 13,930,760 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 34,655,156 shares. The stock had previously closed at $11.96.

A number of other equities analysts have also recently weighed in on the stock. 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 research report on Friday, November 8th. Piper Sandler lowered their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, November 8th. Truist Financial increased their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $13.00 to $10.00 in a research report on Monday. Finally, Barclays increased their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 22nd. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $14.87.

Insider Activity

In other news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total transaction of $991,434.52. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at $11,983,450.68. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 275,357 shares of company stock worth $3,988,140. 2.51% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Gould Capital LLC raised its stake in Rivian Automotive by 87.6% during the 4th quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker’s stock worth $93,000 after acquiring an additional 3,280 shares in the last quarter. Parr Mcknight Wealth Management Group LLC acquired a new stake in Rivian Automotive during the 4th quarter worth $206,000. Neo Ivy Capital Management raised its stake in Rivian Automotive by 23.8% during the 4th quarter. Neo Ivy Capital Management now owns 157,704 shares of the electric vehicle automaker’s stock worth $2,097,000 after acquiring an additional 30,300 shares in the last quarter. Orion Capital Management LLC acquired a new stake in Rivian Automotive during the 4th quarter worth $34,000. Finally, Elequin Capital LP acquired a new stake in Rivian Automotive during the 4th quarter worth $49,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Price Performance

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 capitalization of $11.69 billion, a price-to-earnings ratio of -2.43 and a beta of 2.04. The company’s 50 day moving average is $13.42 and its 200 day moving average is $12.47.

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