Rivian Automotive (NASDAQ:RIVN) Stock Price Down 0.8% After Analyst Downgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report) were down 0.8% during trading on Tuesday after Wells Fargo & Company lowered their price target on the stock from $15.00 to $11.00. Wells Fargo & Company currently has an equal weight rating on the stock. Rivian Automotive traded as low as $10.23 and last traded at $10.27. Approximately 5,036,760 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 39,716,539 shares. The stock had previously closed at $10.35.

RIVN has been the topic of a number of other research reports. Canaccord Genuity Group decreased their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, October 7th. Guggenheim initiated coverage on Rivian Automotive in a research report on Tuesday, June 25th. They set a “buy” rating and a $18.00 price target on the stock. Piper Sandler reiterated an “overweight” rating and issued a $21.00 price objective on shares of Rivian Automotive in a report on Wednesday, June 26th. Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $17.50.

View Our Latest Analysis on RIVN

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive 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 transaction 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 909,691 shares in the company, valued at $15,482,940.82. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 241,305 shares of company stock worth $3,369,273 in the last three months. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Rivian Automotive by 1.8% during the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock worth $761,459,000 after acquiring an additional 1,226,357 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in shares of Rivian Automotive by 30.5% during the 2nd quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock valued at $443,072,000 after purchasing an additional 7,714,788 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Rivian Automotive by 1,521.2% during the 1st 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 last quarter. Renaissance Technologies LLC grew its position in shares of Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Rivian Automotive by 53.8% in the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock worth $39,889,000 after purchasing an additional 1,039,758 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Down 0.6 %

The company has a market capitalization of $10.24 billion, a PE ratio of -1.78 and a beta of 2.03. The business has a 50-day moving average of $12.69 and a 200 day moving average of $12.28. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last posted its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Equities research analysts predict that Rivian Automotive, Inc. will post -4.88 earnings per share for the current year.

Rivian Automotive Company Profile

(Get Free Report)

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.

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