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

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price gapped down prior to trading on Wednesday after Mizuho lowered their price target on the stock from $12.00 to $11.00. The stock had previously closed at $10.25, but opened at $9.51. Mizuho currently has a neutral rating on the stock. Rivian Automotive shares last traded at $9.69, with a volume of 22,205,895 shares trading hands.

Several other brokerages have also recently commented on RIVN. Cantor Fitzgerald reiterated an “overweight” rating and issued a $23.00 target price on shares of Rivian Automotive in a report on Wednesday, April 3rd. Stifel Nicolaus cut their price target on 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 issued a $15.00 price objective on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Evercore ISI reduced their target price on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating for the company in a research note on Thursday, February 22nd. Finally, UBS Group raised Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price target on the stock in a research note on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive currently has an average rating of “Moderate Buy” and an average price target of $19.52.

Insider Activity at Rivian Automotive

In related news, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the transaction, the chief accounting officer now directly owns 52,415 shares in the company, valued at $690,829.70. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction dated 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 owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the transaction, 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. In the last three months, insiders have sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Federated Hermes Inc. grew its stake in shares of Rivian Automotive by 8.2% in the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock worth $201,000 after acquiring an additional 651 shares during the last quarter. Moneta Group Investment Advisors LLC lifted its stake in shares of Rivian Automotive by 5.3% in the third quarter. Moneta Group Investment Advisors LLC now owns 13,335 shares of the electric vehicle automaker’s stock worth $324,000 after buying an additional 668 shares in the last quarter. Laidlaw Wealth Management LLC increased its position in shares of Rivian Automotive by 7.5% during the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock valued at $241,000 after acquiring an additional 718 shares in the last quarter. Jamison Private Wealth Management Inc. raised its holdings in Rivian Automotive by 10.8% in the 4th quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock worth $175,000 after acquiring an additional 727 shares during the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in Rivian Automotive by 13.7% during the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 6,416 shares of the electric vehicle automaker’s stock valued at $156,000 after purchasing an additional 775 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Down 5.5 %

The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The stock has a market cap of $9.47 billion, a PE ratio of -1.63 and a beta of 1.91. The company has a 50 day moving average price of $10.37 and a two-hundred day moving average price of $15.04.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly 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 firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. 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.