Rivian Automotive (NASDAQ:RIVN) Shares Down 1.3% After Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded down 1.3% on Monday after Wall Street Zen downgraded the stock from a hold rating to a sell rating. The company traded as low as $15.56 and last traded at $15.75. 17,323,079 shares were traded during trading, a decline of 44% from the average session volume of 30,908,434 shares. The stock had previously closed at $15.95.

RIVN has been the subject of a number of other research reports. Wolfe Research lowered Rivian Automotive from a “peer perform” rating to an “underperform” rating in a research report on Monday, January 12th. Evercore ISI reiterated an “outperform” rating on shares of Rivian Automotive in a report on Monday, December 15th. JPMorgan Chase & Co. upped their target price on Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Monday, October 20th. Canaccord Genuity Group reissued a “buy” rating on shares of Rivian Automotive in a research report on Monday, December 15th. Finally, UBS Group restated a “sell” rating and set a $15.00 price target (up from $13.00) on shares of Rivian Automotive in a research report on Wednesday, January 14th. Eight equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and eight have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $16.23.

Insider Buying and Selling at Rivian Automotive

In related news, Director Peter Krawiec sold 3,655 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $19.45, for a total value of $71,089.75. Following the completion of the transaction, the director directly owned 29,122 shares in the company, valued at $566,422.90. The trade was a 11.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $16.03, for a total value of $279,723.50. Following the completion of the transaction, the chief executive officer directly owned 1,115,209 shares in the company, valued at $17,876,800.27. This trade represents a 1.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 172,504 shares of company stock worth $3,012,734. 2.16% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently made changes to their positions in RIVN. Brighton Jones LLC lifted its position in Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after purchasing an additional 3,864 shares during the period. AQR Capital Management LLC raised its stake in Rivian Automotive by 1.5% during the 1st quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock valued at $4,733,000 after buying an additional 5,590 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Rivian Automotive by 10.1% during the 1st quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock valued at $679,000 after buying an additional 4,998 shares during the period. Focus Partners Wealth boosted its stake in shares of Rivian Automotive by 29.0% in the 1st quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock worth $803,000 after buying an additional 14,497 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in shares of Rivian Automotive by 57.1% in the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock worth $64,000 after acquiring an additional 1,856 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Down 1.3%

The company has a market cap of $19.31 billion, a P/E ratio of -5.06 and a beta of 1.77. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87. The company has a fifty day moving average of $18.02 and a 200 day moving average of $15.17.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.71) by $0.06. The business had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The company’s revenue was up 78.3% compared to the same quarter last year. During the same quarter last year, the company posted ($1.08) EPS. On average, research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.