Rivian Automotive (NASDAQ:RIVN) Shares Gap Down Following Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price gapped down prior to trading on Wednesday after Cantor Fitzgerald lowered their price target on the stock from $23.00 to $15.00. The stock had previously closed at $10.25, but opened at $9.51. Cantor Fitzgerald currently has an overweight rating on the stock. Rivian Automotive shares last traded at $9.69, with a volume of 22,205,895 shares.

Several other analysts also recently issued reports on the stock. DA Davidson reduced their price target on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. JPMorgan Chase & Co. cut shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $20.00 to $11.00 in a report on Thursday, February 22nd. Stifel Nicolaus lowered their target price on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating on the stock in a report on Monday, February 26th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $15.00 price target on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Finally, Wells Fargo & Company lowered their price objective on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently bought and sold shares of the company. Bear Mountain Capital Inc. bought a new position in Rivian Automotive in the 4th quarter valued at $26,000. Ancora Advisors LLC bought a new stake in Rivian Automotive during the third quarter valued at approximately $27,000. First Horizon Advisors Inc. grew its stake in Rivian Automotive by 1,537.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock worth $32,000 after buying an additional 1,245 shares in the last quarter. Principal Securities Inc. bought a new position in shares of Rivian Automotive in the 4th quarter worth $33,000. Finally, Benjamin Edwards Inc. purchased a new stake in shares of Rivian Automotive during the 1st quarter valued at $33,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

The business’s fifty day moving average price is $10.33 and its 200-day moving average price is $14.97. The company has a market capitalization of $9.99 billion, a P/E ratio of -1.78 and a beta of 1.91. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping 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 analyst estimates of $1.28 billion. As a group, sell-side analysts predict that Rivian Automotive, Inc. will post -4.77 earnings per share 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.