Rivian Automotive (NASDAQ:RIVN) Trading Down 9% After Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 9% during mid-day trading on Wednesday after Guggenheim lowered their price target on the stock from $21.00 to $18.00. Guggenheim currently has a buy rating on the stock. Rivian Automotive traded as low as $9.63 and last traded at $9.64. Approximately 27,702,105 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 38,568,707 shares. The stock had previously closed at $10.59.

A number of other brokerages have also weighed in on RIVN. Needham & Company LLC decreased their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Cantor Fitzgerald restated an “overweight” rating and issued a $19.00 price target on shares of Rivian Automotive in a research note on Monday, September 30th. Wells Fargo & Company dropped their price objective on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Barclays decreased their target price on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $16.95.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 169,876 shares of company stock valued at $2,153,551. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Several institutional investors have recently made changes to their positions in RIVN. Assenagon Asset Management S.A. boosted its stake in Rivian Automotive by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock worth $492,000 after purchasing an additional 604 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after buying an additional 670 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Rivian Automotive by 28.0% during the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock worth $47,000 after acquiring an additional 760 shares during the last quarter. Certuity LLC grew its stake in Rivian Automotive by 8.1% during the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after acquiring an additional 815 shares in the last quarter. Finally, Sanders Morris Harris LLC increased its holdings in Rivian Automotive by 8.9% in the 2nd quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock valued at $136,000 after acquiring an additional 823 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

The firm’s 50 day simple moving average is $11.43 and its 200 day simple moving average is $12.30. The firm has a market cap of $10.13 billion, a PE ratio of -1.69 and a beta of 2.04. 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 issued its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. On average, research analysts forecast that Rivian Automotive, Inc. will post -4.84 EPS for the current fiscal 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.