Rivian Automotive (NASDAQ:RIVN) Lowered to Neutral Rating by Piper Sandler

Rivian Automotive (NASDAQ:RIVN) was downgraded by research analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research report issued on Thursday, Marketbeat Ratings reports. They currently have a $13.00 price target on the electric vehicle automaker’s stock, down from their previous price target of $19.00. Piper Sandler’s price objective would suggest a potential upside of 14.44% from the stock’s previous close.

RIVN has been the subject of a number of other research reports. Benchmark reaffirmed a “buy” rating and set a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday. Wells Fargo & Company upped their price target on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Friday, February 21st. Guggenheim decreased their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, February 24th. Cowen began coverage on Rivian Automotive in a research report on Thursday, March 6th. They issued a “hold” rating for the company. Finally, Bank of America lowered Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $14.38.

Rivian Automotive Trading Up 1.4 %

RIVN opened at $11.36 on Thursday. The business has a 50 day simple moving average of $12.52 and a two-hundred day simple moving average of $12.20. The firm has a market capitalization of $12.84 billion, a price-to-earnings ratio of -2.41 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. Rivian Automotive has a one year low of $8.26 and a one year high of $18.86.

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

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction 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 transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total value of $991,434.52. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,983,450.68. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,427 shares of company stock worth $2,735,619. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of RIVN. Tandem Financial LLC purchased a new stake in Rivian Automotive during the fourth quarter valued at approximately $25,000. Bank of Jackson Hole Trust bought a new stake in shares of Rivian Automotive during the 4th quarter valued at $27,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rivian Automotive in the 3rd quarter worth $28,000. Orion Capital Management LLC bought a new position in Rivian Automotive in the 4th quarter worth $34,000. Finally, Bear Mountain Capital Inc. lifted its position in Rivian Automotive by 208.0% during the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $36,000 after purchasing an additional 1,932 shares in the last quarter. 66.25% of the stock is 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.