Rivian Automotive (NASDAQ:RIVN) Trading Down 1.3% Following Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price dropped 1.3% during trading on Thursday after The Goldman Sachs Group lowered their price target on the stock from $15.00 to $13.00. The Goldman Sachs Group currently has a neutral rating on the stock. Rivian Automotive traded as low as $14.48 and last traded at $15.22. Approximately 88,367,147 shares changed hands during trading, an increase of 138% from the average daily volume of 37,108,629 shares. The stock had previously closed at $15.42.

A number of other equities analysts have also commented on the stock. Needham & Company LLC restated a “buy” rating and issued a $14.00 price target on shares of Rivian Automotive in a research report on Monday, August 25th. Zacks Research downgraded shares of Rivian Automotive from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. Wall Street Zen downgraded shares of Rivian Automotive from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. Wedbush lowered their target price on shares of Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday, August 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $13.67.

Insider Activity

In related news, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total transaction of $244,300.00. Following the sale, the chief executive officer directly owned 1,316,205 shares of the company’s stock, valued at approximately $18,426,870. The trade was a 1.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total transaction of $88,993.16. Following the sale, the chief financial officer directly owned 789,445 shares in the company, valued at $9,694,384.60. This trade represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 42,147 shares of company stock worth $577,593. Insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in RIVN. Vanguard Group Inc. boosted its position in Rivian Automotive by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker’s stock worth $1,086,507,000 after buying an additional 1,983,509 shares during the period. Geode Capital Management LLC boosted its position in Rivian Automotive by 4.9% during the 2nd quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock worth $200,200,000 after buying an additional 689,045 shares during the period. Northern Trust Corp boosted its position in Rivian Automotive by 11.2% during the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock worth $100,195,000 after buying an additional 809,064 shares during the period. Norges Bank acquired a new stake in Rivian Automotive during the 2nd quarter worth approximately $105,629,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Rivian Automotive by 15.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock worth $80,376,000 after purchasing an additional 799,030 shares during the period. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Stock Down 1.3%

The stock has a market cap of $18.47 billion, a price-to-earnings ratio of -4.89 and a beta of 1.81. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. The stock’s 50-day moving average price is $13.84 and its 200-day moving average price is $13.63.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). The firm had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative return on equity of 54.58% and a negative net margin of 61.34%.The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the firm posted ($1.46) EPS. On average, sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current 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.