Rivian Automotive (NASDAQ:RIVN) Stock Price Down 3% on Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was down 3% during trading on Friday after The Goldman Sachs Group lowered their price target on the stock from $14.00 to $12.00. The Goldman Sachs Group currently has a neutral rating on the stock. Rivian Automotive traded as low as $10.93 and last traded at $11.12. Approximately 7,956,534 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 37,219,329 shares. The stock had previously closed at $11.46.

Several other research firms also recently weighed in on RIVN. Truist Financial increased their price target on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Guggenheim reduced their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, February 24th. Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Wells Fargo & Company lifted their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Finally, Needham & Company LLC increased their target price on Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $14.25.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive 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 transaction, the chief financial officer now owns 335,076 shares in the company, valued at $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 is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the sale, the chief executive officer now owns 853,011 shares of the company’s stock, valued at approximately $10,082,590.02. The trade was a 7.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 185,427 shares of company stock worth $2,237,044. 2.51% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Princeton Global Asset Management LLC boosted its stake in shares of Rivian Automotive by 1,000.0% during the first quarter. Princeton Global Asset Management LLC now owns 5,500 shares of the electric vehicle automaker’s stock valued at $68,000 after purchasing an additional 5,000 shares during the period. Thrive Wealth Management LLC purchased a new stake in Rivian Automotive during the 1st quarter valued at $137,000. Johnson & White Wealth Management LLC bought a new stake in Rivian Automotive in the 1st quarter worth $125,000. Merit Financial Group LLC purchased a new position in shares of Rivian Automotive in the first quarter valued at about $192,000. Finally, NBC Securities Inc. raised its stake in shares of Rivian Automotive by 107,835.8% during the first quarter. NBC Securities Inc. now owns 57,206 shares of the electric vehicle automaker’s stock valued at $712,000 after acquiring an additional 57,153 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Trading Up 0.1 %

The company has a market capitalization of $12.97 billion, a PE ratio of -2.43 and a beta of 1.89. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock’s fifty day moving average price is $11.99 and its two-hundred day moving average price is $12.05.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates 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%. Sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current 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.