Rivian Automotive (NASDAQ:RIVN) Shares Down 4.2% Following Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 4.2% on Wednesday after Mizuho lowered their price target on the stock from $12.00 to $11.00. Mizuho currently has a neutral rating on the stock. Rivian Automotive traded as low as $9.25 and last traded at $9.82. 26,483,827 shares were traded during mid-day trading, a decline of 37% from the average session volume of 42,291,457 shares. The stock had previously closed at $10.25.

A number of other equities research analysts have also recently issued reports on RIVN. DA Davidson dropped their price target on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Evercore ISI decreased their price target on shares of Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. The Goldman Sachs Group cut their price objective on Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, January 25th. Piper Sandler raised shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $15.00 to $21.00 in a research note on Friday, March 15th. Finally, Wells Fargo & Company decreased their price target on shares of Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive has an average rating of “Moderate Buy” and a consensus target price of $19.52.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive 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 sale, the chief financial officer now directly owns 155,749 shares in the company, valued at approximately $2,523,133.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the sale, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at $690,829.70. The disclosure for this sale can be found here. Insiders have sold a total of 54,306 shares of company stock worth $717,274 in the last quarter. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its position in Rivian Automotive by 35.7% in 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 acquiring an additional 25,550,489 shares in the last quarter. Baillie Gifford & Co. increased its holdings in shares of Rivian Automotive by 714.3% in the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after purchasing an additional 22,194,018 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Rivian Automotive by 1,521.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after purchasing an additional 5,937,605 shares during the period. Norges Bank purchased a new stake in Rivian Automotive during the fourth quarter worth about $129,427,000. Finally, Vanguard Group Inc. grew its position 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 worth $1,602,629,000 after buying an additional 4,467,881 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

The firm has a market cap of $9.65 billion, a PE ratio of -1.71 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. The company has a 50 day moving average price of $10.37 and a 200 day moving average price of $15.04.

Rivian Automotive (NASDAQ:RIVN) last posted 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. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. On average, sell-side analysts expect that Rivian Automotive, Inc. will post -4.77 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.