Rivian Automotive (NASDAQ:RIVN) Trading Down 0.8% After Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares traded down 0.8% on Tuesday after Barclays lowered their price target on the stock from $16.00 to $13.00. Barclays currently has an equal weight rating on the stock. Rivian Automotive traded as low as $10.23 and last traded at $10.27. 5,036,760 shares were traded during trading, a decline of 87% from the average session volume of 39,716,539 shares. The stock had previously closed at $10.35.

A number of other research analysts also recently commented on RIVN. Mizuho boosted their price target on Rivian Automotive from $11.00 to $15.00 and gave the company a "neutral" rating in a research note on Friday, July 12th. Canaccord Genuity Group dropped their price target on Rivian Automotive from $30.00 to $28.00 and set a "buy" rating for the company in a research note on Monday, October 7th. Needham & Company LLC dropped their price target on Rivian Automotive from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $14.00 price target on shares of Rivian Automotive in a research note on Tuesday, September 10th. Finally, Morgan Stanley cut Rivian Automotive from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Rivian Automotive currently has a consensus rating of "Hold" and a consensus target price of $17.36.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total value of $1,215,721.58. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $15,482,940.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total value of $1,215,721.58. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $15,482,940.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the company's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 241,305 shares of company stock worth $3,369,273 over the last ninety days. Insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently added to or reduced their stakes in the business. Fairman Group LLC acquired a new position in shares of Rivian Automotive during the fourth quarter worth approximately $36,000. Quent Capital LLC raised its position in shares of Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker's stock worth $26,000 after purchasing an additional 831 shares during the period. Creekmur Asset Management LLC acquired a new position in shares of Rivian Automotive during the fourth quarter worth approximately $51,000. EverSource Wealth Advisors LLC raised its position in shares of Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker's stock worth $29,000 after purchasing an additional 2,380 shares during the period. Finally, International Assets Investment Management LLC acquired a new position in shares of Rivian Automotive during the second quarter worth approximately $37,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Price Performance

The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The business has a 50-day moving average price of $12.69 and a two-hundred day moving average price of $12.28. The company has a market capitalization of $10.10 billion, a price-to-earnings ratio of -1.76 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts' consensus estimates of ($1.25) by ($0.14). The company had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -4.88 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.