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

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

RIVN has been the topic of several other research reports. Sanford C. Bernstein began coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective on the stock. TD Cowen began coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They issued a “hold” rating and a $12.70 price target on the stock. Benchmark reaffirmed a “buy” rating and issued a $18.00 price target on shares of Rivian Automotive in a research note on Tuesday. Cantor Fitzgerald lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $13.00 to $15.00 in a research note on Friday, February 21st. Finally, Truist Financial lifted their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Three research 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $14.38.

Rivian Automotive Stock Down 4.2 %

Rivian Automotive stock opened at $10.88 on Thursday. The company’s 50 day simple moving average is $12.45 and its 200 day simple moving average is $12.19. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $18.86. The firm has a market capitalization of $12.30 billion, a price-to-earnings ratio of -2.31 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 (NASDAQ:RIVN) last released 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 for the quarter, compared to analyst estimates of $1.43 billion. As a group, sell-side analysts anticipate that Rivian Automotive will post -3.2 EPS for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over 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

Institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC boosted its position in shares of Rivian Automotive by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock valued at $175,639,000 after acquiring an additional 227,168 shares during the period. Capital International Investors bought a new stake in shares of Rivian Automotive in the fourth quarter valued at about $144,030,000. Norges Bank bought a new stake in shares of Rivian Automotive in the fourth quarter valued at about $123,308,000. Soma Equity Partners LP boosted its position in shares of Rivian Automotive by 19.9% in the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock valued at $112,865,000 after acquiring an additional 1,407,772 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Rivian Automotive by 68.5% in the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after acquiring an additional 2,941,928 shares during the period. 66.25% of the stock is currently 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.