Rivian Automotive (NASDAQ:RIVN) Cut to “Underperform” at Bank of America

Bank of America downgraded shares of Rivian Automotive (NASDAQ:RIVN) from a neutral rating to an underperform rating in a research note issued to investors on Monday, Marketbeat.com reports. Bank of America currently has $10.00 target price on the electric vehicle automaker’s stock, down from their previous target price of $13.00.

Several other research analysts also recently commented on RIVN. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective for the company. Robert W. Baird reissued a “neutral” rating and set a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Mizuho lifted their price objective on Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, February 21st. UBS Group increased their target price on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Finally, Wells Fargo & Company raised their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Friday, February 21st. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $14.87.

Rivian Automotive Stock Down 0.4 %

NASDAQ RIVN opened at $11.40 on Monday. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $18.85. 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 stock has a market cap of $11.64 billion, a PE ratio of -2.42 and a beta of 2.04. The stock’s 50 day moving average is $13.39 and its 200 day moving average is $12.46.

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. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Research analysts predict that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 275,357 shares of company stock worth $3,988,140. 2.51% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently made changes to their positions in RIVN. Baillie Gifford & Co. lifted its stake in Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after acquiring an additional 17,341,786 shares during the period. Capital International Investors bought a new stake in shares of Rivian Automotive in the 4th quarter valued at about $144,030,000. Norges Bank purchased a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $123,308,000. Northern Trust Corp boosted its stake in shares of Rivian Automotive by 68.5% during the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after purchasing an additional 2,941,928 shares in the last quarter. Finally, Twinbeech Capital LP purchased a new position in Rivian Automotive during the fourth quarter valued at approximately $29,944,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.