Rivian Automotive (NASDAQ:RIVN) Stock Price Down 0.5% on Analyst Downgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 0.5% during mid-day trading on Tuesday after Robert W. Baird lowered their price target on the stock from $16.00 to $14.00. Robert W. Baird currently has a neutral rating on the stock. Rivian Automotive traded as low as $11.82 and last traded at $11.97. 4,629,983 shares were traded during trading, a decline of 87% from the average session volume of 36,853,021 shares. The stock had previously closed at $12.03.

A number of other research firms also recently weighed in on RIVN. Truist Financial lifted their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. The Goldman Sachs Group reduced their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, April 10th. Bank of America downgraded shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Finally, TD Cowen assumed coverage on Rivian Automotive in a research report on Friday, March 7th. They set a “hold” rating and a $12.70 price objective for the company. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $14.17.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $11.82, for a total value of $844,290.78. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock valued at $2,237,044 over the last quarter. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds have recently made changes to their positions in the business. Orion Portfolio Solutions LLC increased its holdings in Rivian Automotive by 327.5% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 42,747 shares of the electric vehicle automaker’s stock worth $480,000 after purchasing an additional 32,747 shares during the period. Virtu Financial LLC purchased a new position in Rivian Automotive during the third quarter valued at approximately $4,184,000. Sanctuary Advisors LLC raised its position in shares of Rivian Automotive by 9.0% in the third quarter. Sanctuary Advisors LLC now owns 44,675 shares of the electric vehicle automaker’s stock worth $457,000 after acquiring an additional 3,681 shares during the period. World Investment Advisors LLC raised its stake in shares of Rivian Automotive by 8.6% during the 3rd quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock worth $204,000 after buying an additional 1,446 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new position in Rivian Automotive in the 3rd quarter valued at about $28,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Price Performance

The stock has a market capitalization of $12.99 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 company has a 50-day moving average of $11.94 and a 200 day moving average of $12.06.

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, topping analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 EPS 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.