Rivian Automotive (NASDAQ:RIVN) Shares Down 7.5% on Analyst Downgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 7.5% on Monday after Guggenheim lowered their price target on the stock from $18.00 to $16.00. Guggenheim currently has a buy rating on the stock. Rivian Automotive traded as low as $11.71 and last traded at $12.00. 27,614,200 shares traded hands during mid-day trading, a decline of 20% from the average session volume of 34,353,898 shares. The stock had previously closed at $12.97.

A number of other research analysts have also weighed in on RIVN. Mizuho raised their target price on Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Friday. Cantor Fitzgerald downgraded 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 research report on Friday. Robert W. Baird reaffirmed a “neutral” rating and set a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Barclays increased their price target on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 22nd. Finally, Wedbush reaffirmed an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $14.87.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,097 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total value of $98,783.40. Following the sale, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $13.88, for a total transaction of $991,434.52. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,983,450.68. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 283,454 shares of company stock valued at $4,086,923. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its holdings in Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after acquiring an additional 2,035,831 shares during the last quarter. International Assets Investment Management LLC raised its holdings in Rivian Automotive by 1,870.7% in the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock valued at $608,000 after acquiring an additional 51,464 shares during the last quarter. Mizuho Markets Americas LLC raised its holdings in Rivian Automotive by 30.7% in the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock valued at $5,964,000 after acquiring an additional 124,950 shares during the last quarter. SG Americas Securities LLC raised its holdings in Rivian Automotive by 42.7% in the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock valued at $2,404,000 after acquiring an additional 54,053 shares during the last quarter. Finally, Alberta Investment Management Corp acquired a new stake in Rivian Automotive in the 4th quarter valued at about $6,648,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

The company has a market cap of $12.29 billion, a price-to-earnings ratio of -2.56 and a beta of 2.04. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock’s fifty day simple moving average is $13.56 and its 200 day simple moving average is $12.50.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. As a group, analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share 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.