Rivian Automotive (NASDAQ:RIVN) Shares Down 2.1% After Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 2.1% 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 changed 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.

A number of other analysts have also issued reports on the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a research note on Tuesday, September 10th. DA Davidson lifted their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, June 28th. Mizuho upped their price objective on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. JPMorgan Chase & Co. lifted their target price on Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a research report on Wednesday, June 26th. Finally, UBS Group reduced their price target on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average target price of $17.18.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’s 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 transaction, the chief executive officer now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 value 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 transaction was disclosed in a 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 that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction 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 approximately $5,328,423.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 241,305 shares of company stock valued at $3,369,273 over the last quarter. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. grew its stake in shares of Rivian Automotive by 714.3% in the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after buying an additional 22,194,018 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Rivian Automotive by 1,521.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after acquiring an additional 5,937,605 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Rivian Automotive by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after purchasing an additional 4,467,881 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares in the last quarter. Finally, Spirepoint Private Client LLC acquired a new stake in shares of Rivian Automotive in the 1st quarter valued at $15,635,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The stock has a market capitalization of $10.01 billion, a P/E ratio of -1.74 and a beta of 2.03. The stock’s fifty day moving average is $12.60 and its 200-day moving average is $12.27.

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