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

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price was down 3% during mid-day trading on Friday 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 $10.93 and last traded at $11.12. Approximately 7,956,534 shares were traded during trading, a decline of 79% from the average daily volume of 37,219,329 shares. The stock had previously closed at $11.46.

RIVN has been the subject of several other reports. Piper Sandler cut shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and dropped their target price for the company from $19.00 to $13.00 in a research report on Thursday, March 20th. Benchmark reaffirmed a "buy" rating and issued a $18.00 price objective on shares of Rivian Automotive in a research note on Tuesday, March 18th. Wells Fargo & Company increased their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Friday, February 21st. The Goldman Sachs Group lowered their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Finally, Needham & Company LLC upped their target price on Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a report on Friday, February 21st. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $14.17.

Remove Ads

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated 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 in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $9,596,373.75. The trade was a 7.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock valued at $2,237,044 in the last ninety days. 2.51% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently added to or reduced their stakes in RIVN. Dimension Capital Management LLC boosted its stake in Rivian Automotive by 5.5% in the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock valued at $208,000 after acquiring an additional 819 shares in the last quarter. Tradition Wealth Management LLC boosted its stake in shares of Rivian Automotive by 7.2% during the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock worth $168,000 after acquiring an additional 849 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Rivian Automotive by 1.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker's stock worth $750,000 after buying an additional 867 shares in the last quarter. RFG Holdings Inc. grew its holdings in shares of Rivian Automotive by 5.2% during the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker's stock worth $296,000 after buying an additional 1,096 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its position in Rivian Automotive by 4.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock valued at $354,000 after buying an additional 1,160 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Stock Down 2.1 %

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The firm has a 50-day moving average of $11.97 and a 200 day moving average of $12.06. The stock has a market capitalization of $13.32 billion, a price-to-earnings ratio of -2.50 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released 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 business had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, 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.