Rivian Automotive (NASDAQ:RIVN) Downgraded by Bank of America to “Neutral”

Rivian Automotive (NASDAQ:RIVN) was downgraded by stock analysts at Bank of America from a “buy” rating to a “neutral” rating in a research report issued on Friday, Marketbeat reports. They presently have a $13.00 target price on the electric vehicle automaker’s stock, down from their prior target price of $20.00. Bank of America‘s target price would indicate a potential upside of 29.35% from the company’s previous close.

RIVN has been the subject of a number of other research reports. Robert W. Baird decreased their price target on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a research note on Friday. The Goldman Sachs Group cut their price objective on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $19.00 price objective on shares of Rivian Automotive in a report on Monday, September 30th. Finally, Needham & Company LLC cut their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $15.91.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $10.05 on Friday. The company has a fifty day moving average of $11.43 and a 200-day moving average of $12.30. The firm has a market capitalization of $10.13 billion, a P/E ratio of -1.69 and a beta of 2.04. 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 has a twelve month low of $8.26 and a twelve month high of $24.61.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. As a group, sell-side analysts anticipate that Rivian Automotive will post -4.84 EPS for the current year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on 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 owns 392,662 shares in the company, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 169,876 shares of company stock worth $2,153,551. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Quent Capital LLC grew its position in Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 831 shares during the last quarter. GHP Investment Advisors Inc. boosted its stake in shares of Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 1,002 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Rivian Automotive during the second quarter valued at approximately $37,000. Finally, First Horizon Advisors Inc. boosted its stake in shares of Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after purchasing an additional 670 shares during the period. 66.25% of the stock is currently owned by institutional investors.

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.