Rivian Automotive (NASDAQ:RIVN) Trading Down 0.2% After Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price fell 0.2% during trading on Friday after Barclays lowered their price target on the stock from $12.00 to $10.00. Barclays currently has an equal weight rating on the stock. Rivian Automotive traded as low as $8.62 and last traded at $8.81. 6,571,837 shares were traded during mid-day trading, a decline of 85% from the average session volume of 42,812,711 shares. The stock had previously closed at $8.83.

Several other research analysts also recently commented on the stock. Wells Fargo & Company reduced their price target on shares of Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $15.00 price target on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Robert W. Baird dropped their price objective on Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. Mizuho reaffirmed a “neutral” rating and set a $12.00 target price on shares of Rivian Automotive in a research report on Monday, March 25th. Finally, Bank of America lowered their target price on Rivian Automotive from $40.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.61.

Insider Activity at Rivian Automotive

In other news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the sale, the insider now owns 407,787 shares in the company, valued at $5,223,751.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the transaction, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. Insiders have sold 54,306 shares of company stock valued at $717,274 in the last ninety days. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its position in Rivian Automotive by 35.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after buying an additional 25,550,489 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Rivian Automotive by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after purchasing an additional 4,467,881 shares during the last quarter. BlackRock Inc. lifted its position in Rivian Automotive by 2.9% during the first quarter. BlackRock Inc. now owns 50,903,971 shares of the electric vehicle automaker’s stock valued at $787,993,000 after purchasing an additional 1,443,514 shares during the period. Moneta Group Investment Advisors LLC purchased a new stake in shares of Rivian Automotive in the fourth quarter worth about $228,175,000. Finally, State Street Corp boosted its position in Rivian Automotive by 22.6% in the 2nd quarter. State Street Corp now owns 11,704,572 shares of the electric vehicle automaker’s stock worth $194,998,000 after purchasing an additional 2,156,922 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Price Performance

The stock’s fifty day moving average is $11.71 and its 200-day moving average is $16.03. The stock has a market capitalization of $8.57 billion, a PE ratio of -1.53 and a beta of 1.88. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. As a group, equities analysts predict that Rivian Automotive, Inc. will post -4.8 earnings per share for the current fiscal year.

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.