Rivian Automotive (NASDAQ:RIVN) Lowered to Underperform Rating by Bank of America

Rivian Automotive (NASDAQ:RIVN) was downgraded by investment analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research note issued to investors on Monday,Briefing.com Automated Import reports. They currently have a $10.00 price objective on the electric vehicle automaker’s stock, down from their previous price objective of $13.00. Bank of America‘s target price suggests a potential downside of 22.90% from the stock’s current price.

RIVN has been the subject of a number of other reports. Wedbush reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. Baird R W lowered shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Guggenheim cut their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Barclays increased their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Wednesday, January 22nd. Finally, Stifel Nicolaus cut their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 11th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $14.96.

Rivian Automotive Price Performance

NASDAQ RIVN opened at $12.97 on Monday. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $18.85. The stock has a market cap of $13.24 billion, a price-to-earnings ratio of -2.75 and a beta of 2.04. The company’s 50 day moving average is $13.56 and its two-hundred day moving average is $12.50. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. As a group, research analysts anticipate that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the company’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 value of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. This represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 283,454 shares of company stock worth $4,086,923. 2.51% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Dimension Capital Management LLC raised its stake in shares of Rivian Automotive by 5.5% during the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock worth $208,000 after buying an additional 819 shares during the period. Tradition Wealth Management LLC raised its stake in shares of Rivian Automotive by 7.2% during the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock worth $168,000 after buying an additional 849 shares during the period. John G Ullman & Associates Inc. raised its stake in shares of Rivian Automotive by 9.1% during the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after buying an additional 1,000 shares during the period. GHP Investment Advisors Inc. raised its stake in shares of Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares during the period. Finally, RFG Holdings Inc. raised its stake in shares of Rivian Automotive by 5.2% during the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock worth $296,000 after buying an additional 1,096 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

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.