Rivian Automotive (NASDAQ:RIVN) Shares Gap Down Following Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) shares gapped down before the market opened on Wednesday after Mizuho lowered their price target on the stock from $12.00 to $11.00. The stock had previously closed at $10.25, but opened at $9.51. Mizuho currently has a neutral rating on the stock. Rivian Automotive shares last traded at $9.69, with a volume of 22,205,895 shares trading hands.

Several other research firms have also commented on RIVN. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $15.00 price target on shares of Rivian Automotive in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. cut shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $20.00 to $11.00 in a report on Thursday, February 22nd. DA Davidson dropped their price target on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Morgan Stanley decreased their target price on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a report on Thursday, April 4th. Finally, Barclays reduced their price target on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Friday, April 19th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Rivian Automotive has a consensus rating of “Moderate Buy” and a consensus price target of $19.52.

Insider Activity

In other news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Kjell Gruner sold 19,935 shares of the stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares in the company, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock valued at $717,274 in the last three months. 2.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Qsemble Capital Management LP grew its holdings in Rivian Automotive by 626.4% in the 1st quarter. Qsemble Capital Management LP now owns 172,084 shares of the electric vehicle automaker’s stock valued at $1,884,000 after buying an additional 148,393 shares during the period. Capital Square LLC grew its position in Rivian Automotive by 23.5% during the first quarter. Capital Square LLC now owns 11,195 shares of the electric vehicle automaker’s stock valued at $123,000 after acquiring an additional 2,130 shares during the period. Montag A & Associates Inc. increased its stake in Rivian Automotive by 16.3% during the first quarter. Montag A & Associates Inc. now owns 13,700 shares of the electric vehicle automaker’s stock worth $150,000 after acquiring an additional 1,917 shares during the last quarter. Forsta AP Fonden lifted its stake in shares of Rivian Automotive by 14.2% in the 1st quarter. Forsta AP Fonden now owns 139,400 shares of the electric vehicle automaker’s stock valued at $1,526,000 after purchasing an additional 17,300 shares in the last quarter. Finally, Zevenbergen Capital Investments LLC grew its holdings in shares of Rivian Automotive by 41.5% during the 1st quarter. Zevenbergen Capital Investments LLC now owns 254,467 shares of the electric vehicle automaker’s stock worth $2,786,000 after purchasing an additional 74,595 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Price Performance

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 company’s fifty day moving average is $10.37 and its 200 day moving average is $15.04. The stock has a market cap of $9.47 billion, a PE ratio of -1.63 and a beta of 1.91.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.67) by $0.09. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. As a group, sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.77 earnings per share 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.