Rivian Automotive (NASDAQ:RIVN) Stock Price Down 9% Following Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) dropped 9% during mid-day trading on Wednesday after Guggenheim lowered their price target on the stock from $21.00 to $18.00. Guggenheim currently has a buy rating on the stock. Rivian Automotive traded as low as $9.63 and last traded at $9.64. Approximately 27,702,105 shares traded hands during trading, a decline of 28% from the average daily volume of 38,568,707 shares. The stock had previously closed at $10.59.

A number of other research analysts have also weighed in on the stock. UBS Group cut their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 7th. Wells Fargo & Company cut their price target on shares of Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 15th. The Goldman Sachs Group cut their price target on shares of Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 8th. Wedbush reissued an "outperform" rating and issued a $20.00 price objective on shares of Rivian Automotive in a research report on Wednesday, August 7th. Finally, Morgan Stanley lowered shares of Rivian Automotive from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $16.95.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the company's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Robert J. Scaringe sold 83,333 shares of the company's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company's stock, valued at $10,319,162.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the company's stock in a transaction dated Friday, August 16th. The stock was 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 of the company's stock, valued at $5,328,423.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 169,876 shares of company stock worth $2,153,551. Corporate insiders own 2.51% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. lifted its position in Rivian Automotive by 1.7% during the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker's stock worth $492,000 after purchasing an additional 604 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker's stock worth $38,000 after acquiring an additional 670 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Rivian Automotive by 28.0% in the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker's stock worth $47,000 after acquiring an additional 760 shares during the last quarter. Certuity LLC lifted its holdings in shares of Rivian Automotive by 8.1% in the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker's stock worth $145,000 after acquiring an additional 815 shares during the last quarter. Finally, Sanders Morris Harris LLC lifted its holdings in shares of Rivian Automotive by 8.9% in the second quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker's stock worth $136,000 after acquiring an additional 823 shares during the last quarter. Institutional investors own 66.25% of the company's stock.

Rivian Automotive Price Performance

The stock has a market cap of $9.79 billion, a P/E ratio of -1.62 and a beta of 2.04. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The business's fifty day moving average price is $11.59 and its 200 day moving average price is $12.34.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its 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 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%. Sell-side analysts forecast that Rivian Automotive, Inc. will post -4.84 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.

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