Rivian Automotive (NASDAQ:RIVN) Shares Down 4.2% on Analyst Downgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 4.2% on Wednesday 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 $9.25 and last traded at $9.82. 26,483,827 shares traded hands during trading, a decline of 37% from the average session volume of 42,291,457 shares. The stock had previously closed at $10.25.

RIVN has been the subject of a number of other reports. Jefferies Financial Group began coverage on Rivian Automotive in a report on Thursday, March 7th. They set a “buy” rating and a $16.00 price target for the company. Bank of America dropped their price target on Rivian Automotive from $40.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, February 22nd. Mizuho lowered their target price on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Wednesday. Wells Fargo & Company lowered their target price on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a research note on Wednesday. Finally, Stifel Nicolaus lowered their target price on Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, February 26th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the sale, the chief accounting officer now owns 52,415 shares in the company, valued at $690,829.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,306 shares of company stock worth $717,274. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

Institutional investors have recently modified their holdings of the company. Bear Mountain Capital Inc. bought a new stake in Rivian Automotive during the fourth quarter worth about $26,000. Ancora Advisors LLC bought a new stake in Rivian Automotive during the third quarter worth about $27,000. First Horizon Advisors Inc. raised its holdings in Rivian Automotive by 1,537.0% during the third quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock worth $32,000 after acquiring an additional 1,245 shares in the last quarter. Principal Securities Inc. bought a new stake in Rivian Automotive during the fourth quarter worth about $33,000. Finally, Benjamin Edwards Inc. bought a new stake in Rivian Automotive during the first quarter worth about $33,000. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Stock Up 0.2 %

The firm has a market cap of $10.04 billion, a P/E ratio of -1.79 and a beta of 1.91. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48. The firm has a fifty day moving average of $10.35 and a 200-day moving average of $15.00.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.67) by $0.09. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates 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, equities research analysts anticipate 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.