Rivian Automotive (NASDAQ:RIVN) Shares Down 3% After Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) shares fell 3% during trading on Friday after The Goldman Sachs Group lowered their price target on the stock from $14.00 to $12.00. The Goldman Sachs Group currently has a neutral rating on the stock. Rivian Automotive traded as low as $10.93 and last traded at $11.12. 7,956,534 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 37,219,329 shares. The stock had previously closed at $11.46.

RIVN has been the topic of several other reports. Cowen began coverage on Rivian Automotive in a research note on Thursday, March 6th. They issued a “hold” rating on the stock. Barclays upped their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 22nd. Robert W. Baird reiterated a “neutral” rating and set a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Sanford C. Bernstein started coverage on Rivian Automotive in a research note on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective for the company. Finally, Needham & Company LLC boosted their target price on Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $14.25.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $11.82, for a total value of $844,290.78. Following the completion of the transaction, the chief executive officer now directly owns 853,011 shares in the company, valued at $10,082,590.02. This trade represents a 7.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock valued at $2,237,044 in the last 90 days. Company insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently added to or reduced their stakes in the company. Tandem Financial LLC purchased a new position in shares of Rivian Automotive during the 4th quarter valued at $25,000. Bank of Jackson Hole Trust bought a new stake in Rivian Automotive during the fourth quarter valued at about $27,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive in the third quarter valued at about $28,000. Orion Capital Management LLC bought a new position in shares of Rivian Automotive in the fourth quarter worth about $34,000. Finally, Bear Mountain Capital Inc. grew its position in shares of Rivian Automotive by 208.0% during the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after purchasing an additional 1,932 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

The firm has a 50 day moving average of $11.99 and a 200-day moving average of $12.05. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The company has a market cap of $12.97 billion, a P/E ratio of -2.43 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. On average, equities research analysts predict that Rivian Automotive, Inc. will post -3.2 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.