Rivian Automotive (NASDAQ:RIVN) Trading Down 0.1% After Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) shares fell 0.1% on Monday after Canaccord Genuity Group lowered their price target on the stock from $30.00 to $28.00. Canaccord Genuity Group currently has a buy rating on the stock. Rivian Automotive traded as low as $10.31 and last traded at $10.43. 8,222,986 shares changed hands during trading, a decline of 80% from the average session volume of 40,160,266 shares. The stock had previously closed at $10.44.

A number of other research firms have also weighed in on RIVN. Barclays raised their price target on shares of Rivian Automotive from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 16th. UBS Group lowered their price objective on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research report on Friday, August 16th. Wells Fargo & Company lowered their price objective on shares of Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. Finally, Truist Financial lifted their price objective on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average target price of $17.82.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’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 transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $15,482,940.82. The trade was 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 accessible through the SEC website. In related news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The trade was 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 accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive 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 sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $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. Over the last 90 days, insiders sold 441,305 shares of company stock valued at $6,969,273. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently bought and sold shares of the stock. Quent Capital LLC lifted its position in Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares during the last quarter. Benjamin Edwards Inc. bought a new stake in Rivian Automotive during the first quarter valued at approximately $33,000. Fairman Group LLC bought a new stake in Rivian Automotive during the fourth quarter valued at approximately $36,000. Finally, International Assets Investment Management LLC bought a new stake in Rivian Automotive during the second quarter valued at approximately $37,000. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Trading Up 0.5 %

The firm has a market capitalization of $10.44 billion, a P/E ratio of -1.82 and a beta of 2.03. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The firm’s 50-day simple moving average is $13.19 and its 200-day simple moving average is $12.29.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. Analysts anticipate that Rivian Automotive, Inc. will post -4.92 EPS for the current year.

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.