Rivian Automotive (NASDAQ:RIVN) Stock Price Down 3.7% on Analyst Downgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 3.7% on Wednesday after Wells Fargo & Company lowered their price target on the stock from $18.00 to $15.00. Wells Fargo & Company currently has an equal weight rating on the stock. Rivian Automotive traded as low as $13.36 and last traded at $14.25. Approximately 23,886,598 shares were traded during trading, a decline of 44% from the average daily volume of 42,945,895 shares. The stock had previously closed at $14.80.

RIVN has been the topic of a number of other research reports. Canaccord Genuity Group increased their price objective on Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, July 1st. Piper Sandler reissued an “overweight” rating and set a $21.00 price objective on shares of Rivian Automotive in a report on Wednesday, June 26th. Morgan Stanley increased their price objective on Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Barclays increased their price objective on Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 16th. Finally, Wedbush reissued an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a report on Wednesday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.71.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $16,374,438. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $10,234,023.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 485,716 shares of company stock worth $7,509,309. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Arizona State Retirement System lifted its stake in shares of Rivian Automotive by 1.7% in the 4th quarter. Arizona State Retirement System now owns 180,905 shares of the electric vehicle automaker’s stock valued at $4,244,000 after purchasing an additional 3,011 shares during the period. International Assets Investment Management LLC raised its stake in Rivian Automotive by 1,944.2% during the fourth quarter. International Assets Investment Management LLC now owns 140,291 shares of the electric vehicle automaker’s stock valued at $3,291,000 after buying an additional 133,428 shares during the last quarter. Allworth Financial LP raised its stake in Rivian Automotive by 409.3% during the fourth quarter. Allworth Financial LP now owns 23,131 shares of the electric vehicle automaker’s stock valued at $543,000 after buying an additional 18,589 shares during the last quarter. Stratos Wealth Partners LTD. raised its stake in Rivian Automotive by 9.8% during the fourth quarter. Stratos Wealth Partners LTD. now owns 13,039 shares of the electric vehicle automaker’s stock valued at $306,000 after buying an additional 1,164 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its stake in Rivian Automotive by 36.9% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 374,593 shares of the electric vehicle automaker’s stock valued at $8,752,000 after buying an additional 101,039 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Stock Down 3.7 %

The stock has a 50 day simple moving average of $13.99 and a 200-day simple moving average of $12.53. The firm has a market cap of $14.18 billion, a PE ratio of -2.47 and a beta of 2.09. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Sell-side analysts predict that Rivian Automotive, Inc. will post -4.68 EPS 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.