Rivian Automotive (NASDAQ:RIVN) Shares Down 1.2% After Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares were down 1.2% during trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $14.00 to $13.00. Wells Fargo & Company currently has an equal weight rating on the stock. Rivian Automotive traded as low as $13.10 and last traded at $13.34. Approximately 19,238,432 shares traded hands during trading, a decline of 47% from the average daily volume of 36,344,766 shares. The stock had previously closed at $13.50.

A number of other research analysts also recently commented on RIVN. Truist Financial increased their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a research report on Thursday, January 16th. Needham & Company LLC reduced their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday. Robert W. Baird dropped their price target on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. The Goldman Sachs Group lowered their price objective on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Finally, Cantor Fitzgerald lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and increased their price target for the company from $13.00 to $15.00 in a report on Friday, February 21st. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $14.03.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at $9,596,373.75. The trade was a 7.73 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,427 shares of company stock worth $2,154,905. Insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently bought and sold shares of the business. Capital International Investors acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at about $144,030,000. Norges Bank purchased a new stake in Rivian Automotive during the 4th quarter worth approximately $123,308,000. Northern Trust Corp raised its holdings in shares of Rivian Automotive by 68.5% during the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock valued at $96,275,000 after acquiring an additional 2,941,928 shares during the last quarter. Twinbeech Capital LP purchased a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $29,944,000. Finally, Groupama Asset Managment acquired a new stake in shares of Rivian Automotive in the fourth quarter worth approximately $26,600,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

Rivian Automotive Trading Down 2.2 %

The stock has a market capitalization of $14.93 billion, a price-to-earnings ratio of -2.80 and a beta of 1.86. The company has a 50 day moving average of $11.86 and a 200 day moving average of $12.28. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. On average, research analysts predict that Rivian Automotive, Inc. will post -3.2 EPS 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.

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