Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.4% Following Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) fell 1.4% during mid-day trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $14.00 to $12.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Rivian Automotive traded as low as $10.32 and last traded at $10.34. 4,470,116 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 39,181,434 shares. The stock had previously closed at $10.49.

RIVN has been the subject of several other research reports. Truist Financial decreased their target price on Rivian Automotive from $16.00 to $12.00 and set a "hold" rating for the company in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $14.00 target price on shares of Rivian Automotive in a research report on Tuesday, September 10th. Wolfe Research initiated coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They issued a "peer perform" rating for the company. Needham & Company LLC dropped their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Wednesday, August 7th. Finally, Barclays decreased their target price on Rivian Automotive from $16.00 to $13.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive currently has an average rating of "Hold" and a consensus price target of $17.09.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 3,210 shares of the company's stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the 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 sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the business's stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares of the company's stock, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 169,876 shares of company stock valued at $2,153,551. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently made changes to their positions in the stock. Quent Capital LLC lifted its holdings in shares of Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker's stock worth $26,000 after acquiring an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake 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 valued at $29,000 after buying an additional 2,380 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Rivian Automotive in the second quarter worth about $37,000. First Horizon Advisors Inc. lifted its stake in shares of Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker's stock valued at $38,000 after acquiring an additional 670 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in shares of Rivian Automotive by 39.0% in the 2nd quarter. Blue Trust Inc. now owns 3,230 shares of the electric vehicle automaker's stock valued at $43,000 after acquiring an additional 907 shares during the last quarter. Institutional investors own 66.25% of the company's stock.

Rivian Automotive Price Performance

The firm has a fifty day moving average of $12.17 and a two-hundred day moving average of $12.25. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $10.11 billion, a PE ratio of -1.76 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. Research analysts anticipate that Rivian Automotive, Inc. will post -4.88 EPS for the current fiscal year.

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.