Rivian Automotive (NASDAQ:RIVN) Trading Down 1% Following Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares traded down 1% during trading on Thursday 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 $10.04 and last traded at $10.17. 11,616,080 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 42,437,270 shares. The stock had previously closed at $10.27.

Several other analysts have also weighed in on the company. Needham & Company LLC reissued a "buy" rating and issued a $13.00 target price on shares of Rivian Automotive in a report on Wednesday. The Goldman Sachs Group dropped their price objective on shares of Rivian Automotive from $20.00 to $17.00 and set a "neutral" rating for the company in a research note on Thursday, January 25th. DA Davidson cut their target price on shares of Rivian Automotive from $19.00 to $17.00 and set a "neutral" rating for the company in a research note on Thursday, February 22nd. Stifel Nicolaus decreased their price target on shares of Rivian Automotive from $23.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, February 26th. Finally, Bank of America reduced 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 report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $19.00.

Insider Buying and Selling

In other news, insider Kjell Gruner sold 19,935 shares of the business's 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 in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total value 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Kjell Gruner sold 19,935 shares of the stock in a transaction on Friday, March 8th. The stock was 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 in the company, valued at $5,223,751.47. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of the company. Stifel Financial Corp grew its holdings in Rivian Automotive by 7.3% in the 3rd quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker's stock valued at $6,997,000 after buying an additional 19,699 shares during the last quarter. CenterBook Partners LP bought a new stake in Rivian Automotive in the 3rd quarter valued at $4,473,000. Atria Wealth Solutions Inc. grew its position in Rivian Automotive by 448.0% in the 3rd quarter. Atria Wealth Solutions Inc. now owns 229,347 shares of the electric vehicle automaker's stock worth $5,569,000 after purchasing an additional 187,495 shares during the last quarter. Morgan Stanley increased its holdings in shares of Rivian Automotive by 14.0% during the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker's stock worth $235,409,000 after purchasing an additional 1,193,650 shares during the period. Finally, Aigen Investment Management LP acquired a new position in shares of Rivian Automotive during the third quarter valued at about $1,806,000. Institutional investors own 66.25% of the company's stock.

Rivian Automotive Trading Down 0.5 %

The firm has a market cap of $9.99 billion, a P/E ratio of -1.77 and a beta of 1.91. The company's 50 day moving average is $10.35 and its two-hundred day moving average is $15.00. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping the consensus estimate of ($1.67) by $0.09. The firm had revenue of $1.32 billion during the quarter, compared to analysts' expectations of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. On average, sell-side analysts predict that Rivian Automotive, Inc. will post -4.77 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.