Rivian Automotive (NASDAQ:RIVN) Trading Down 0.2% Following Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was down 0.2% during trading on Friday after Barclays lowered their price target on the stock from $12.00 to $10.00. Barclays currently has an equal weight rating on the stock. Rivian Automotive traded as low as $8.62 and last traded at $8.81. Approximately 6,571,837 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 42,812,711 shares. The stock had previously closed at $8.83.

Several other equities analysts also recently commented on RIVN. The Goldman Sachs Group dropped their target price on Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, January 25th. Truist Financial restated a “hold” rating and set a $11.00 price objective on shares of Rivian Automotive in a research report on Friday, April 12th. UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price objective for the company in a research report on Tuesday. DA Davidson lowered their target price on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Finally, Jefferies Financial Group assumed coverage on Rivian Automotive in a report on Thursday, March 7th. They issued a “buy” rating and a $16.00 target price for the company. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.61.

Insider Activity at Rivian Automotive

In related news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the transaction, the insider now owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. 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 over the last 90 days. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Norden Group LLC purchased a new position in Rivian Automotive in the first quarter worth $132,000. Albion Financial Group UT boosted its position in Rivian Automotive by 346.4% in the first quarter. Albion Financial Group UT now owns 104,181 shares of the electric vehicle automaker’s stock worth $1,141,000 after purchasing an additional 80,841 shares during the last quarter. SteelPeak Wealth LLC purchased a new position in Rivian Automotive in the first quarter worth $265,000. Vicus Capital boosted its position in Rivian Automotive by 11.6% in the first quarter. Vicus Capital now owns 13,633 shares of the electric vehicle automaker’s stock worth $149,000 after purchasing an additional 1,422 shares during the last quarter. Finally, RFG Holdings Inc. raised its stake in shares of Rivian Automotive by 74.7% in the first quarter. RFG Holdings Inc. now owns 17,914 shares of the electric vehicle automaker’s stock valued at $196,000 after buying an additional 7,659 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

The stock has a market capitalization of $8.44 billion, a P/E ratio of -1.50 and a beta of 1.88. The company has a 50 day simple moving average of $11.54 and a 200-day simple moving average of $15.93. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.67) by $0.09. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. On average, equities analysts forecast that Rivian Automotive, Inc. will post -4.8 EPS 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.