Rivian Automotive (NASDAQ:RIVN) Trading Down 0.8% Following Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 0.8% on Tuesday after Truist Financial lowered their price target on the stock from $16.00 to $12.00. Truist Financial currently has a hold rating on the stock. Rivian Automotive traded as low as $10.23 and last traded at $10.27. 5,036,760 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 39,716,539 shares. The stock had previously closed at $10.35.

Several other research firms have also weighed in on RIVN. Guggenheim started coverage on shares of Rivian Automotive in a research note on Tuesday, June 25th. They set a “buy” rating and a $18.00 target price for the company. Wedbush reiterated an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $14.00 target price on shares of Rivian Automotive in a research note on Tuesday, September 10th. UBS Group cut their price target on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Finally, DA Davidson upped their price objective on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, June 28th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Rivian Automotive presently has an average rating of “Hold” and a consensus target price of $17.18.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $17.02, for a total value of $1,215,721.58. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $15,482,940.82. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total transaction of $1,215,721.58. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $15,482,940.82. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 241,305 shares of company stock valued at $3,369,273. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in RIVN. Vanguard Group Inc. lifted its stake in Rivian Automotive by 7.0% during 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. B. Riley Wealth Advisors Inc. increased its holdings in shares of Rivian Automotive by 61.4% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 33,717 shares of the electric vehicle automaker’s stock valued at $791,000 after buying an additional 12,832 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Rivian Automotive by 20.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 36,575 shares of the electric vehicle automaker’s stock valued at $858,000 after acquiring an additional 6,295 shares during the last quarter. Foster Group Inc. bought a new stake in shares of Rivian Automotive during the 1st quarter worth $119,000. Finally, Collective Family Office LLC acquired a new position in shares of Rivian Automotive in the 1st quarter worth $151,000. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Up 0.9 %

The firm has a market capitalization of $10.19 billion, a price-to-earnings ratio of -1.77 and a beta of 2.03. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The stock has a fifty day moving average of $12.60 and a 200-day moving average of $12.27.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -4.88 EPS 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.