Rivian Automotive (NASDAQ:RIVN) Stock Price Down 5.7% on Analyst Downgrade

Posted by Defense World Staff on Jun 22nd, 2023

Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) fell 5.7% on Wednesday after Mizuho lowered their price target on the stock from $30.00 to $27.00. The stock traded as low as $14.78 and last traded at $14.80. 21,947,869 shares changed hands during mid-day trading, a decline of 24% from the average session volume of 28,873,145 shares. The stock had previously closed at $15.70.

Other analysts also recently issued research reports about the stock. Truist Financial cut their price target on shares of Rivian Automotive from $44.00 to $28.00 in a report on Tuesday, May 9th. Wells Fargo & Company decreased their price target on Rivian Automotive from $32.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Friday, February 24th. DA Davidson dropped their target price on shares of Rivian Automotive from $16.00 to $11.00 in a report on Wednesday, May 10th. Royal Bank of Canada lowered shares of Rivian Automotive from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $28.00 to $14.00 in a report on Tuesday, April 18th. Finally, Wedbush cut their target price on shares of Rivian Automotive from $37.00 to $25.00 in a research report on Wednesday, March 1st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $27.58.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 3,625 shares of the business’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $13.71, for a total value of $49,698.75. Following the sale, the chief financial officer now owns 72,304 shares of the company’s stock, valued at $991,287.84. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CFO Claire Mcdonough sold 3,625 shares of the business’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $13.71, for a total value of $49,698.75. Following the transaction, the chief financial officer now owns 72,304 shares in the company, valued at $991,287.84. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Jeff Baker sold 20,000 shares of the business’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $14.53, for a total transaction of $290,600.00. Following the completion of the transaction, the chief accounting officer now owns 86,204 shares in the company, valued at approximately $1,252,544.12. The disclosure for this sale can be found here. Insiders have sold a total of 54,423 shares of company stock valued at $793,029 over the last 90 days. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its holdings in shares of Rivian Automotive by 44.7% during the third quarter. BlackRock Inc. now owns 46,561,674 shares of the electric vehicle automaker’s stock valued at $1,532,346,000 after purchasing an additional 14,384,763 shares during the period. Moneta Group Investment Advisors LLC acquired a new position in shares of Rivian Automotive during the fourth quarter valued at about $228,175,000. Vanguard Group Inc. raised its holdings in shares of Rivian Automotive by 46.4% during the third quarter. Vanguard Group Inc. now owns 36,236,702 shares of the electric vehicle automaker’s stock valued at $1,192,551,000 after purchasing an additional 11,483,566 shares during the period. FMR LLC raised its holdings in shares of Rivian Automotive by 32.8% during the first quarter. FMR LLC now owns 34,126,728 shares of the electric vehicle automaker’s stock valued at $528,282,000 after purchasing an additional 8,427,507 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Rivian Automotive by 20,951.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,359,628 shares of the electric vehicle automaker’s stock valued at $117,208,000 after purchasing an additional 6,329,418 shares during the period. Institutional investors and hedge funds own 62.04% of the company’s stock.

Rivian Automotive Stock Down 6.9 %

The firm’s fifty day moving average price is $13.81 and its two-hundred day moving average price is $16.56. The stock has a market cap of $13.46 billion, a price-to-earnings ratio of -2.06 and a beta of 1.69. The company has a debt-to-equity ratio of 0.21, a current ratio of 5.88 and a quick ratio of 5.08.

Rivian Automotive (NASDAQ:RIVN – Get Rating) last posted its earnings results on Tuesday, May 9th. The electric vehicle automaker reported ($1.25) EPS for the quarter, topping the consensus estimate of ($1.51) by $0.26. The company had revenue of $661.00 million during the quarter, compared to the consensus estimate of $661.97 million. Rivian Automotive had a negative net margin of 292.63% and a negative return on equity of 40.23%. The firm’s revenue for the quarter was up 595.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.43) earnings per share. Sell-side analysts forecast that Rivian Automotive, Inc. will post -5.43 earnings per share for the current fiscal year.

About Rivian Automotive

(Get Rating)

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles. It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc The company sells its products directly to customers in the consumer and commercial markets.