Rivian Automotive (NASDAQ:RIVN) Lowered to Neutral Rating by Piper Sandler

Piper Sandler downgraded shares of Rivian Automotive (NASDAQ:RIVN - Free Report) from an overweight rating to a neutral rating in a research report report published on Thursday, Marketbeat.com reports. The brokerage currently has $13.00 price objective on the electric vehicle automaker's stock, down from their prior price objective of $19.00.

Several other equities analysts have also recently commented on the stock. Bank of America cut shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and reduced their price objective for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Sanford C. Bernstein began coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 target price for the company. Mizuho lowered their price objective on shares of Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating for the company in a report on Monday, March 17th. Cantor Fitzgerald lowered shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and boosted their price objective for the stock from $13.00 to $15.00 in a report on Friday, February 21st. Finally, Guggenheim lowered their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Monday, February 24th. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of "Hold" and a consensus price target of $14.38.

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Rivian Automotive Stock Up 6.6 %

Shares of Rivian Automotive stock traded up $0.72 during trading hours on Thursday, reaching $11.60. The company's stock had a trading volume of 36,590,831 shares, compared to its average volume of 36,995,409. Rivian Automotive has a one year low of $8.26 and a one year high of $18.86. The company has a market capitalization of $13.12 billion, a P/E ratio of -2.46 and a beta of 2.03. The stock's fifty day simple moving average is $12.41 and its two-hundred day simple moving average is $12.16. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. On average, research analysts forecast that Rivian Automotive will post -3.2 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive 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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,427 shares of company stock worth $2,735,619. Company insiders own 2.51% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of the stock. Tandem Financial LLC bought a new stake in Rivian Automotive in the fourth quarter worth $25,000. Bank of Jackson Hole Trust bought a new stake in Rivian Automotive in the fourth quarter worth $27,000. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive in the third quarter worth $28,000. Hantz Financial Services Inc. increased its position in Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker's stock worth $34,000 after purchasing an additional 2,900 shares during the last quarter. Finally, Orion Capital Management LLC bought a new stake in Rivian Automotive in the fourth quarter worth $34,000. Institutional investors own 66.25% of the company's stock.

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.