Rivian Automotive (NASDAQ:RIVN) Lowered 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 report released on Monday morning, MarketBeat reports. They currently have $10.00 price objective on the electric vehicle automaker’s stock, down from their previous price objective of $13.00.

Other analysts have also issued reports about the company. Wells Fargo & Company raised their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Friday. Guggenheim lowered their target price on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Cantor Fitzgerald downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $13.00 to $15.00 in a research note on Friday. Benchmark initiated coverage on shares of Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 price objective on the stock. Finally, Needham & Company LLC raised their target price on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a report on Friday. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $14.87.

Rivian Automotive Stock Down 7.8 %

Shares of NASDAQ RIVN opened at $11.96 on Monday. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm has a 50-day simple moving average of $13.49 and a two-hundred day simple moving average of $12.48. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $18.85. The company has a market cap of $12.21 billion, a P/E ratio of -2.53 and a beta of 2.04.

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

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $13.88, for a total value of $991,434.52. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,983,450.68. This trade represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 18,501 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the transaction, the chief financial officer now directly owns 351,900 shares in the company, valued at $5,278,500. The trade was a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 275,357 shares of company stock worth $3,988,140. 2.51% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently modified their holdings of the company. Creative Planning grew its position in Rivian Automotive by 6.7% in the 3rd quarter. Creative Planning now owns 115,686 shares of the electric vehicle automaker’s stock worth $1,298,000 after purchasing an additional 7,236 shares during the last quarter. Blue Trust Inc. grew its position in Rivian Automotive by 40.3% in the third quarter. Blue Trust Inc. now owns 4,531 shares of the electric vehicle automaker’s stock valued at $51,000 after acquiring an additional 1,301 shares during the period. Sequoia Financial Advisors LLC acquired a new stake in shares of Rivian Automotive during the 3rd quarter worth about $112,000. International Assets Investment Management LLC increased its holdings in shares of 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 worth $608,000 after buying an additional 51,464 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in Rivian Automotive by 33.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 48,977 shares of the electric vehicle automaker’s stock valued at $550,000 after purchasing an additional 12,293 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.