Rivian Automotive (NASDAQ:RIVN) Shares Down 4.2% on Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price dropped 4.2% during trading on Wednesday after Cantor Fitzgerald lowered their price target on the stock from $23.00 to $15.00. Cantor Fitzgerald currently has an overweight rating on the stock. Rivian Automotive traded as low as $9.25 and last traded at $9.82. Approximately 26,483,827 shares traded hands during trading, a decline of 37% from the average daily volume of 42,291,457 shares. The stock had previously closed at $10.25.

A number of other research analysts have also weighed in on the company. Barclays decreased their target price on Rivian Automotive from $12.00 to $10.00 and set an "equal weight" rating on the stock in a report on Friday, April 19th. Bank of America decreased their price target on shares of Rivian Automotive from $40.00 to $25.00 and set a "buy" rating on the stock in a research note on Thursday, February 22nd. DA Davidson cut their price objective on shares of Rivian Automotive from $19.00 to $17.00 and set a "neutral" rating for the company in a research report on Thursday, February 22nd. Truist Financial reaffirmed a "hold" rating and issued a $10.00 target price (down previously from $11.00) on shares of Rivian Automotive in a research report on Thursday, May 2nd. Finally, Jefferies Financial Group assumed coverage on shares of Rivian Automotive in a research report on Thursday, March 7th. They set a "buy" rating and a $16.00 price objective for the company. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $19.00.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the transaction, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the transaction, the insider now directly owns 407,787 shares of the company's stock, valued at approximately $5,223,751.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the sale, the chief financial officer now owns 155,749 shares of the company's stock, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. Insiders sold a total of 54,306 shares of company stock valued at $717,274 over the last three months. Corporate insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently modified their holdings of RIVN. Entropy Technologies LP purchased a new position in Rivian Automotive in the first quarter worth $5,389,000. Bleakley Financial Group LLC raised its holdings in shares of Rivian Automotive by 127.1% in the 1st quarter. Bleakley Financial Group LLC now owns 22,357 shares of the electric vehicle automaker's stock worth $245,000 after purchasing an additional 12,514 shares during the period. Qsemble Capital Management LP grew its holdings in Rivian Automotive by 626.4% during the first quarter. Qsemble Capital Management LP now owns 172,084 shares of the electric vehicle automaker's stock valued at $1,884,000 after purchasing an additional 148,393 shares during the period. Capital Square LLC increased its position in Rivian Automotive by 23.5% in the first quarter. Capital Square LLC now owns 11,195 shares of the electric vehicle automaker's stock worth $123,000 after buying an additional 2,130 shares during the last quarter. Finally, Montag A & Associates Inc. raised its stake in shares of Rivian Automotive by 16.3% in the first quarter. Montag A & Associates Inc. now owns 13,700 shares of the electric vehicle automaker's stock valued at $150,000 after buying an additional 1,917 shares during the period. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Price Performance

The business has a 50-day moving average price of $10.35 and a 200 day moving average price of $15.00. The stock has a market cap of $10.04 billion, a PE ratio of -1.79 and a beta of 1.91. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, topping analysts' consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. As a group, research analysts forecast that Rivian Automotive, Inc. will post -4.77 earnings per share for the current fiscal 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.