Rivian Automotive (NASDAQ:RIVN) Cut to "Neutral" at Guggenheim

Rivian Automotive (NASDAQ:RIVN - Get Free Report) was downgraded by research analysts at Guggenheim from a "buy" rating to a "neutral" rating in a note issued to investors on Monday, Marketbeat.com reports.

Several other research analysts have also issued reports on RIVN. Piper Sandler raised their target price on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. Benchmark restated a "buy" rating and issued a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday, March 18th. Mizuho lifted their price objective on Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Cantor Fitzgerald reissued a "neutral" rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Wednesday, May 7th. Finally, Stifel Nicolaus boosted their target price on Rivian Automotive from $16.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Three investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $14.38.

Rivian Automotive Price Performance

Shares of RIVN stock traded down $0.28 during trading hours on Monday, reaching $12.75. 28,165,650 shares of the company were exchanged, compared to its average volume of 31,658,162. Rivian Automotive has a fifty-two week low of $9.50 and a fifty-two week high of $18.49. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.73 and a quick ratio of 2.80. The stock's fifty day moving average is $14.19 and its two-hundred day moving average is $13.10. The company has a market cap of $14.42 billion, a price-to-earnings ratio of -3.43 and a beta of 1.81.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, topping the consensus estimate of ($0.80) by $0.23. The firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $981.52 million. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. Rivian Automotive's revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.48) EPS. Sell-side 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 17,185 shares of the firm's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the transaction, the chief financial officer owned 824,875 shares of the company's stock, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,428 shares of the business's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the sale, the chief executive officer directly owned 1,483,111 shares in the company, valued at $22,780,584.96. This trade represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 241,407 shares of company stock worth $3,553,883. 2.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently modified their holdings of the stock. PFS Partners LLC boosted its position in Rivian Automotive by 1,882.0% during the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after purchasing an additional 1,882 shares during the last quarter. Banque Transatlantique SA increased its position in shares of Rivian Automotive by 13,194.1% during the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock worth $26,000 after purchasing an additional 2,243 shares during the last quarter. Orion Capital Management LLC acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $34,000. WPG Advisers LLC acquired a new stake in shares of Rivian Automotive in the 1st quarter valued at approximately $34,000. Finally, Olde Wealth Management LLC bought a new position in shares of Rivian Automotive in the first quarter valued at $37,000. Institutional investors own 66.25% of the company's stock.

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.