Rivian Automotive (NASDAQ:RIVN) Lowered to Neutral Rating by Piper Sandler

Rivian Automotive (NASDAQ:RIVN) was downgraded by analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a report issued on Thursday, Marketbeat Ratings reports. They currently have a $13.00 price objective on the electric vehicle automaker’s stock, down from their previous price objective of $19.00. Piper Sandler’s price objective would suggest a potential upside of 14.44% from the company’s previous close.

A number of other research analysts have also recently weighed in on RIVN. Sanford C. Bernstein started coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price on the stock. Truist Financial lifted their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Wells Fargo & Company lifted their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Bank of America downgraded shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $13.00 to $10.00 in a report on Monday, February 24th. Finally, Cantor Fitzgerald downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $13.00 to $15.00 in a report on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Stock Performance

RIVN opened at $11.36 on Thursday. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $18.86. The company has a 50 day simple moving average of $12.52 and a two-hundred day simple moving average of $12.20. The firm has a market cap of $12.84 billion, a P/E ratio of -2.41 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Equities analysts forecast that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction dated 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 of the company’s stock, valued at approximately $11,879,847.36. This represents a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,427 shares of company stock valued at $2,735,619. Company insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently added to or reduced their stakes in RIVN. Tandem Financial LLC purchased a new stake in Rivian Automotive in the 4th quarter valued at about $25,000. Bank of Jackson Hole Trust purchased a new stake in Rivian Automotive in the 4th quarter valued at about $27,000. Wilmington Savings Fund Society FSB purchased a new stake in Rivian Automotive in the 3rd quarter valued at about $28,000. Hantz Financial Services Inc. boosted its position in Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after buying an additional 2,900 shares during the period. Finally, Orion Capital Management LLC purchased a new stake in Rivian Automotive in the 4th quarter valued at about $34,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.