Rivian Automotive (NASDAQ:RIVN) Stock Price Down 0.5% After Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price traded down 0.5% during mid-day trading on Tuesday after Robert W. Baird lowered their price target on the stock from $16.00 to $14.00. Robert W. Baird currently has a neutral rating on the stock. Rivian Automotive traded as low as $11.82 and last traded at $11.97. 4,629,983 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 36,853,021 shares. The stock had previously closed at $12.03.

A number of other equities analysts have also commented on RIVN. The Goldman Sachs Group cut 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. Barclays raised their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 22nd. Truist Financial upped their price target 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 raised their price objective on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Finally, Guggenheim cut their price objective on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Monday, February 24th. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $14.17.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 35,713 shares of the firm's stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the firm's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction 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. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock valued at $2,237,044 over the last 90 days. 2.51% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently bought and sold shares of the stock. Tandem Financial LLC bought a new stake in shares of Rivian Automotive in the 4th quarter worth about $25,000. PFS Partners LLC raised its position in Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after purchasing an additional 1,882 shares during the period. Bank of Jackson Hole Trust bought a new stake in Rivian Automotive in the fourth quarter worth about $27,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive during the third quarter valued at approximately $28,000. Finally, Orion Capital Management LLC bought a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $34,000. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The stock has a market capitalization of $13.12 billion, a PE ratio of -2.46 and a beta of 1.89. The firm has a fifty day moving average price of $11.91 and a two-hundred day moving average price of $12.06.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

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.