Rivian Automotive (NASDAQ:RIVN) Downgraded by Bank of America to “Neutral”

Rivian Automotive (NASDAQ:RIVN) was downgraded by stock analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued on Friday, MarketBeat.com reports. They currently have a $13.00 target price on the electric vehicle automaker’s stock, down from their prior target price of $20.00. Bank of America‘s price target would suggest a potential upside of 29.35% from the company’s current price.

A number of other brokerages have also commented on RIVN. UBS Group dropped their price target on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Wells Fargo & Company decreased their price objective on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Guggenheim decreased their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday. Truist Financial decreased their price objective on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a report on Wednesday, October 16th. Finally, Robert W. Baird decreased their price objective on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a report on Friday. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Rivian Automotive currently has an average rating of “Hold” and a consensus target price of $15.91.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $10.05 on Friday. The stock has a fifty day moving average of $11.43 and a 200 day moving average of $12.30. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $24.61. The firm has a market capitalization of $10.13 billion, a price-to-earnings ratio of -1.69 and a beta of 2.04. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. As a group, research analysts expect that Rivian Automotive will post -4.84 earnings per share for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. 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 three months, insiders have sold 169,876 shares of company stock valued at $2,153,551. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RIVN. Quent Capital LLC lifted its position in shares of Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares in the last quarter. GHP Investment Advisors Inc. lifted its holdings in Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 1,002 shares in the last quarter. American Capital Advisory LLC lifted its holdings in Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in Rivian Automotive in the 2nd quarter worth approximately $37,000. 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.