Rivian Automotive (NASDAQ:RIVN) Shares Down 2% After Analyst Downgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 2% during mid-day trading on Tuesday after Stifel Nicolaus lowered their price target on the stock from $18.00 to $16.00. Stifel Nicolaus currently has a buy rating on the stock. Rivian Automotive traded as low as $10.57 and last traded at $10.82. Approximately 8,628,813 shares changed hands during trading, a decline of 78% from the average daily volume of 38,835,012 shares. The stock had previously closed at $11.04.

Several other research analysts also recently issued reports on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a research note on Monday, September 30th. The Goldman Sachs Group reduced their price objective on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Truist Financial lowered their target price on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research note on Wednesday, October 16th. Needham & Company LLC reduced their price target on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Piper Sandler dropped their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $15.68.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 169,876 shares of company stock worth $2,153,551. 2.51% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RIVN. Norden Group LLC bought a new stake in shares of Rivian Automotive in the 1st quarter worth $132,000. Private Advisor Group LLC lifted its holdings in Rivian Automotive by 3.1% in the 1st quarter. Private Advisor Group LLC now owns 48,243 shares of the electric vehicle automaker’s stock valued at $528,000 after acquiring an additional 1,432 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Rivian Automotive by 19.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 171,243 shares of the electric vehicle automaker’s stock valued at $1,875,000 after purchasing an additional 27,784 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of Rivian Automotive in the 1st quarter worth approximately $111,000. Finally, Forsta AP Fonden raised its holdings 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 worth $1,526,000 after purchasing an additional 17,300 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

The stock has a market cap of $10.80 billion, a price-to-earnings ratio of -1.93 and a beta of 2.04. The company’s 50-day simple moving average is $11.30 and its 200-day simple moving average is $12.38. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81.

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.