Piper Sandler Downgrades Rivian Automotive (NASDAQ:RIVN) to Neutral

Piper Sandler downgraded shares of Rivian Automotive (NASDAQ:RIVN) from an overweight rating to a neutral rating in a report released on Thursday, MarketBeat.com reports. The brokerage currently has $13.00 price objective on the electric vehicle automaker’s stock, down from their previous price objective of $19.00.

Several other research analysts also recently commented on RIVN. Needham & Company LLC boosted their target price on Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Cowen initiated coverage on Rivian Automotive in a research note on Thursday, March 6th. They set a “hold” rating for the company. Benchmark reissued a “buy” rating and set a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday. Finally, Robert W. Baird reissued a “neutral” rating and set a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $14.38.

Rivian Automotive Trading Down 4.2 %

RIVN opened at $10.88 on Thursday. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $18.86. The company has a 50-day simple moving average of $12.45 and a 200 day simple moving average of $12.19. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $12.30 billion, a price-to-earnings ratio of -2.31 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Analysts predict that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 185,427 shares of company stock valued at $2,735,619. 2.51% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

Several large investors have recently modified their holdings of the stock. Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $3,198,000. PKO Investment Management Joint Stock Co acquired a new stake in Rivian Automotive in the 4th quarter valued at $479,000. Siemens Fonds Invest GmbH acquired a new stake in Rivian Automotive in the 4th quarter valued at $145,000. Gould Capital LLC grew its position in Rivian Automotive by 87.6% in the 4th quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker’s stock valued at $93,000 after purchasing an additional 3,280 shares during the period. Finally, Parr Mcknight Wealth Management Group LLC acquired a new stake in Rivian Automotive in the 4th quarter valued at $206,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.