Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.3% After Analyst Downgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were down 1.3% during mid-day trading on Monday 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 $8.31 and last traded at $8.52. Approximately 14,668,214 shares traded hands during trading, a decline of 66% from the average daily volume of 42,704,582 shares. The stock had previously closed at $8.63.

A number of other brokerages have also recently issued reports on RIVN. Needham & Company LLC decreased their target price on Rivian Automotive from $18.00 to $13.00 and set a “buy” rating on the stock in a report on Thursday, April 18th. Robert W. Baird decreased their target price on Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. Jefferies Financial Group initiated coverage on Rivian Automotive in a report on Thursday, March 7th. They issued a “buy” rating and a $16.00 target price on the stock. Mizuho reiterated a “neutral” rating and set a $12.00 price target on shares of Rivian Automotive in a report on Monday, March 25th. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Rivian Automotive in a report on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Moderate Buy” and a consensus target price of $19.61.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the transaction, the insider now owns 407,787 shares in the company, valued at $5,223,751.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the sale, the chief financial officer now owns 155,749 shares in the company, valued at approximately $2,523,133.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. Insiders have sold 54,306 shares of company stock worth $717,274 over the last 90 days. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several large investors have recently made changes to their positions in RIVN. Bear Mountain Capital Inc. bought a new stake in Rivian Automotive during the 4th quarter valued at approximately $26,000. Ancora Advisors LLC bought a new stake in Rivian Automotive during the 3rd quarter valued at approximately $27,000. MCF Advisors LLC boosted its stake in Rivian Automotive by 396.8% during the 3rd quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock valued at $30,000 after purchasing an additional 1,000 shares during the period. First Horizon Advisors Inc. boosted its stake in Rivian Automotive by 1,537.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after purchasing an additional 1,245 shares during the period. Finally, Principal Securities Inc. bought a new stake in Rivian Automotive during the 4th quarter valued at approximately $33,000. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

The firm has a 50 day moving average of $11.39 and a two-hundred day moving average of $15.77. The stock has a market cap of $8.84 billion, a P/E ratio of -1.57 and a beta of 1.88. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, beating the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. On average, research analysts predict that Rivian Automotive, Inc. will post -4.79 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.