Rivian Automotive (NASDAQ:RIVN) Shares Gap Down Following Analyst Downgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) gapped down before the market opened on Wednesday after Needham & Company LLC lowered their price target on the stock from $20.00 to $18.00. The stock had previously closed at $14.80, but opened at $13.48. Needham & Company LLC currently has a buy rating on the stock. Rivian Automotive shares last traded at $14.36, with a volume of 14,186,201 shares trading hands.

Several other research firms have also recently weighed in on RIVN. Wells Fargo & Company raised their price target on Rivian Automotive from $10.00 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, July 18th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a report on Monday. DA Davidson lifted their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday, June 28th. Wedbush lifted their target price on Rivian Automotive from $15.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, June 26th. Finally, UBS Group lifted their target price on Rivian Automotive from $10.00 to $17.00 and gave the stock a “neutral” rating in a report on Friday, June 28th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.83.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s 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 sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,234,023.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Robert J. Scaringe sold 200,000 shares of the company’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at $16,374,438. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,234,023.75. The disclosure for this sale can be found here. In the last 90 days, 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

Large investors have recently bought and sold shares of the business. SteelPeak Wealth LLC acquired a new position in Rivian Automotive in the 1st quarter worth about $265,000. Sapient Capital LLC acquired a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $330,000. DekaBank Deutsche Girozentrale raised its holdings in shares of 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 acquiring an additional 101,039 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of 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 acquiring an additional 133,428 shares during the last quarter. Finally, Berkshire Capital Holdings Inc. grew its position in shares of Rivian Automotive by 3,511,500.0% in the fourth quarter. Berkshire Capital Holdings Inc. now owns 351,160 shares of the electric vehicle automaker’s stock valued at $8,238,000 after purchasing an additional 351,150 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Stock Down 2.8 %

The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $14.31 billion, a PE ratio of -2.56 and a beta of 2.09. The business has a 50-day moving average price of $13.99 and a 200-day moving average price of $12.53.

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