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

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

A number of other analysts also recently weighed in on the company. Cantor Fitzgerald restated a "neutral" rating and issued a $15.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 7th. Mizuho increased their price target on Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Piper Sandler increased their price target on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a report on Thursday, May 22nd. Benchmark reiterated a "buy" rating and set a $18.00 price target on shares of Rivian Automotive in a report on Tuesday, March 18th. Finally, The Goldman Sachs Group decreased their price target on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Three investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Rivian Automotive currently has an average rating of "Hold" and an average target price of $14.38.

Rivian Automotive Price Performance

Shares of RIVN traded up $0.72 during trading hours on Monday, reaching $13.11. The stock had a trading volume of 36,859,938 shares, compared to its average volume of 32,766,013. Rivian Automotive has a 12 month low of $9.50 and a 12 month high of $18.49. The stock has a market capitalization of $14.82 billion, a PE ratio of -3.53 and a beta of 1.81. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73. The company's 50-day moving average is $14.15 and its two-hundred day moving average is $13.09.

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, beating analysts' consensus estimates of ($0.80) by $0.23. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $981.52 million. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. Rivian Automotive's quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the business posted ($1.48) earnings per share. Research analysts expect that Rivian Automotive will post -3.2 EPS for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 107,144 shares of the firm's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $15.25, for a total value of $1,633,946.00. Following the completion of the transaction, the chief executive officer directly owned 1,483,111 shares of the company's stock, valued at $22,617,442.75. This trade represents a 6.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the sale, the chief financial officer directly owned 824,875 shares of the company's stock, valued at $12,694,826.25. This represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 241,407 shares of company stock valued at $3,553,883 over the last quarter. 2.16% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RIVN. Teacher Retirement System of Texas bought a new stake in shares of Rivian Automotive in the first quarter worth about $1,382,000. Twinbeech Capital LP purchased a new position in Rivian Automotive in the 4th quarter worth approximately $29,944,000. Mountain Hill Investment Partners Corp. purchased a new position in Rivian Automotive in the 4th quarter worth approximately $1,363,000. Groupama Asset Managment bought a new stake in Rivian Automotive in the 4th quarter worth approximately $26,600,000. Finally, KLP Kapitalforvaltning AS bought a new stake in Rivian Automotive in the 4th quarter worth approximately $10,448,000. 66.25% of the stock is owned by institutional investors.

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.