Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1% on Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 1% during mid-day trading on Thursday after Cantor Fitzgerald lowered their price target on the stock from $23.00 to $15.00. Cantor Fitzgerald currently has an overweight rating on the stock. Rivian Automotive traded as low as $10.04 and last traded at $10.17. Approximately 11,616,080 shares traded hands during trading, a decline of 73% from the average daily volume of 42,437,270 shares. The stock had previously closed at $10.27.

Other research analysts also recently issued research reports about the stock. Morgan Stanley reduced their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday, April 4th. UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price objective on the stock in a report on Tuesday, April 16th. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 target price on shares of Rivian Automotive in a report on Wednesday. Piper Sandler upgraded Rivian Automotive from a “neutral” rating to an “overweight” rating and raised their price target for the company from $15.00 to $21.00 in a research note on Friday, March 15th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research note on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive currently has an average rating of “Moderate Buy” and an average price target of $19.00.

Insider Transactions at Rivian Automotive

In other news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the transaction, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The disclosure for this sale can be found here. Insiders have sold a total of 54,306 shares of company stock valued at $717,274 in the last ninety days. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently bought and sold shares of RIVN. Stifel Financial Corp raised its stake in Rivian Automotive by 7.3% during the third quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock worth $6,997,000 after purchasing an additional 19,699 shares during the period. CenterBook Partners LP acquired a new position in Rivian Automotive in the third quarter valued at approximately $4,473,000. Atria Wealth Solutions Inc. grew its position in Rivian Automotive by 448.0% in the third quarter. Atria Wealth Solutions Inc. now owns 229,347 shares of the electric vehicle automaker’s stock worth $5,569,000 after acquiring an additional 187,495 shares during the period. Morgan Stanley increased its stake in Rivian Automotive by 14.0% during the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after acquiring an additional 1,193,650 shares during the last quarter. Finally, Aigen Investment Management LP purchased a new stake in Rivian Automotive in the third quarter valued at $1,806,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Trading Down 0.9 %

The firm has a market cap of $9.95 billion, a price-to-earnings ratio of -1.77 and a beta of 1.91. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. The company has a 50 day moving average price of $10.35 and a 200 day moving average price of $15.00.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. On average, research analysts expect that Rivian Automotive, Inc. will post -4.77 earnings per share for the current 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.