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

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price dropped 1.3% during 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 were traded during mid-day trading, a decline of 66% from the average daily volume of 42,704,582 shares. The stock had previously closed at $8.63.

Several other equities research analysts have also issued reports on the stock. DA Davidson decreased their price target on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $15.00 price target on shares of Rivian Automotive in a report on Tuesday, April 2nd. Bank of America decreased their price target on shares of Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price target on shares of Rivian Automotive in a report on Wednesday, April 3rd. Finally, Stifel Nicolaus reduced 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. One 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, the company currently has an average rating of “Moderate Buy” and an average target price of $19.61.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction 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 transaction, the insider now owns 407,787 shares in the company, valued at $5,223,751.47. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares in the company, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. Insiders have sold 54,306 shares of company stock worth $717,274 in the last quarter. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD raised its holdings in Rivian Automotive by 35.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after buying an additional 25,550,489 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Rivian Automotive by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after purchasing an additional 4,467,881 shares during the last quarter. Morgan Stanley raised its holdings in shares of Rivian Automotive by 14.0% in the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after purchasing an additional 1,193,650 shares during the last quarter. Norges Bank purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at about $129,427,000. Finally, Northern Trust Corp raised its holdings in shares of Rivian Automotive by 14.8% in the third quarter. Northern Trust Corp now owns 4,235,291 shares of the electric vehicle automaker’s stock valued at $102,833,000 after purchasing an additional 544,588 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

The company’s fifty day moving average price is $11.39 and its 200 day moving average price is $15.77. The company has a market cap of $8.84 billion, a PE ratio of -1.57 and a beta of 1.88. 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 announced its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating the consensus estimate of ($1.67) by $0.09. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. On average, equities research analysts predict that Rivian Automotive, Inc. will post -4.79 earnings per share for the current year.

About Rivian Automotive

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.