Rivian Automotive (NASDAQ:RIVN) Trading Down 0.8% After Analyst Downgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were down 0.8% during mid-day trading on Tuesday after Barclays lowered their price target on the stock from $16.00 to $13.00. Barclays currently has an equal weight rating on the stock. Rivian Automotive traded as low as $10.23 and last traded at $10.27. Approximately 5,036,760 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 39,716,539 shares. The stock had previously closed at $10.35.

Other equities research analysts have also recently issued research reports about the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a report on Monday, September 30th. Royal Bank of Canada reiterated a “sector perform” rating and set a $15.00 price target on shares of Rivian Automotive in a research note on Friday, August 16th. UBS Group dropped their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Needham & Company LLC dropped their price target on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, DA Davidson lifted their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, June 28th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $17.36.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 241,305 shares of company stock worth $3,369,273. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently made changes to their positions in the company. Quent Capital LLC boosted its position in Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 831 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares during the period. Benjamin Edwards Inc. purchased a new stake in shares of Rivian Automotive in the 1st quarter worth approximately $33,000. International Assets Investment Management LLC purchased a new stake in shares of Rivian Automotive in the 2nd quarter worth approximately $37,000. Finally, First Horizon Advisors Inc. lifted its position in shares of Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after purchasing an additional 670 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Price Performance

The firm’s 50-day moving average price is $12.69 and its two-hundred day moving average price is $12.28. The stock has a market cap of $10.10 billion, a PE ratio of -1.76 and a beta of 2.03. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. On average, equities analysts expect that Rivian Automotive, Inc. will post -4.88 earnings per share 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.