Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.1% Following Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price dropped 2.1% during trading on Thursday after Truist Financial lowered their price target on the stock from $16.00 to $12.00. Truist Financial currently has a hold rating on the stock. Rivian Automotive traded as low as $9.98 and last traded at $10.02. Approximately 8,870,183 shares traded hands during trading, a decline of 78% from the average daily volume of 39,540,828 shares. The stock had previously closed at $10.24.

Other equities research analysts have also recently issued reports about the stock. Canaccord Genuity Group lowered their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, October 7th. UBS Group lowered their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $14.00 price target on shares of Rivian Automotive in a research report on Tuesday, September 10th. Barclays lowered their price target on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday. Finally, Guggenheim initiated coverage on shares of Rivian Automotive in a research report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price target for the company. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $17.18.

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 transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $15,482,940.82. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, July 22nd. The stock was 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 owns 909,691 shares in the company, valued at $15,482,940.82. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 241,305 shares of company stock worth $3,369,273. 2.51% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the business. Renaissance Capital LLC increased its stake in shares of Rivian Automotive by 20.0% in the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock worth $9,958,000 after acquiring an additional 148,197 shares during the period. Private Advisory Group LLC acquired a new stake in Rivian Automotive during the third quarter valued at $2,109,000. Royal London Asset Management Ltd. grew its position in Rivian Automotive by 19.6% during the second quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock valued at $4,027,000 after buying an additional 49,216 shares during the period. AQR Capital Management LLC grew its position in Rivian Automotive by 102.8% during the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after buying an additional 1,257,106 shares during the period. Finally, SteelPeak Wealth LLC acquired a new stake in Rivian Automotive during the first quarter valued at $265,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Trading Down 0.8 %

The company has a market cap of $10.12 billion, a price-to-earnings ratio of -1.70 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 company’s 50-day moving average is $12.43 and its 200 day moving average is $12.25.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. Research analysts predict that Rivian Automotive, Inc. will post -4.88 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.