Rivian Automotive (NASDAQ:RIVN) Shares Down 2% on Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) dropped 2% during mid-day trading on Tuesday after Stifel Nicolaus lowered their price target on the stock from $18.00 to $16.00. Stifel Nicolaus currently has a buy rating on the stock. Rivian Automotive traded as low as $10.57 and last traded at $10.82. Approximately 8,628,813 shares changed hands during trading, a decline of 78% from the average daily volume of 38,835,012 shares. The stock had previously closed at $11.04.

A number of other research firms have also weighed in on RIVN. Bank of America lowered shares of Rivian Automotive from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $20.00 to $13.00 in a report on Friday. Barclays lowered their price objective on shares of Rivian Automotive from $16.00 to $13.00 and set an "equal weight" rating for the company in a report on Tuesday, October 15th. Guggenheim decreased their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, November 6th. Wolfe Research assumed coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They set a "peer perform" rating for the company. Finally, Piper Sandler decreased their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating for the company in a research note on Friday. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $15.68.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $12,127,675.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive 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 completion of the sale, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 169,876 shares of company stock worth $2,153,551. 2.51% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of large investors have recently made changes to their positions in RIVN. Norden Group LLC bought a new position in Rivian Automotive during the 1st quarter valued at about $132,000. Private Advisor Group LLC grew its holdings in Rivian Automotive by 3.1% during the 1st quarter. Private Advisor Group LLC now owns 48,243 shares of the electric vehicle automaker's stock valued at $528,000 after purchasing an additional 1,432 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in Rivian Automotive by 19.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 171,243 shares of the electric vehicle automaker's stock valued at $1,875,000 after purchasing an additional 27,784 shares during the last quarter. Empowered Funds LLC purchased a new stake in Rivian Automotive in the 1st quarter valued at about $111,000. Finally, Forsta AP Fonden boosted its position in Rivian Automotive by 14.2% in the 1st quarter. Forsta AP Fonden now owns 139,400 shares of the electric vehicle automaker's stock valued at $1,526,000 after buying an additional 17,300 shares during the period. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Stock Performance

The company has a market capitalization of $10.67 billion, a PE ratio of -1.89 and a beta of 2.04. 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 firm's 50-day simple moving average is $11.25 and its 200-day simple moving average is $12.39.

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.