Bank of America Downgrades Rivian Automotive (NASDAQ:RIVN) to Neutral

Bank of America lowered shares of Rivian Automotive (NASDAQ:RIVN) from a buy rating to a neutral rating in a report published on Friday morning, Marketbeat.com reports. They currently have $13.00 price target on the electric vehicle automaker’s stock, down from their prior price target of $20.00.

Other analysts have also recently issued reports about the company. Mizuho lowered their price objective on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Piper Sandler lowered their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday. Robert W. Baird lowered their price target on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Friday. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $14.00 price target on shares of Rivian Automotive in a research report on Tuesday, September 10th. Finally, UBS Group lowered their price target on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $15.68.

Rivian Automotive Stock Performance

RIVN opened at $11.04 on Friday. The stock has a market cap of $11.13 billion, a PE ratio of -1.97 and a beta of 2.04. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $24.61. The stock’s 50 day simple moving average is $11.30 and its 200-day simple moving average is $12.38.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $12,127,675.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 169,876 shares of company stock worth $2,153,551. 2.51% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently made changes to their positions in the business. John G Ullman & Associates Inc. lifted its position in shares of Rivian Automotive by 9.1% in the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock valued at $135,000 after buying an additional 1,000 shares during the last quarter. Citizens Financial Group Inc. RI acquired a new stake in shares of Rivian Automotive in the third quarter valued at approximately $136,000. Moors & Cabot Inc. lifted its position in shares of Rivian Automotive by 34.8% in the third quarter. Moors & Cabot Inc. now owns 24,195 shares of the electric vehicle automaker’s stock valued at $271,000 after buying an additional 6,250 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in Rivian Automotive by 51.9% during the 3rd quarter. First Horizon Advisors Inc. now owns 4,331 shares of the electric vehicle automaker’s stock worth $49,000 after purchasing an additional 1,479 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its holdings in Rivian Automotive by 19.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 41,207 shares of the electric vehicle automaker’s stock worth $462,000 after purchasing an additional 6,620 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.