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

Bank of America lowered shares of Rivian Automotive (NASDAQ:RIVN) from a neutral rating to an underperform rating in a research note published on Monday morning, Marketbeat reports. The firm currently has $10.00 target price on the electric vehicle automaker’s stock, down from their previous target price of $13.00.

A number of other research analysts have also issued reports on RIVN. Wedbush restated an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a research note on Friday, November 8th. Guggenheim cut their target price on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Barclays raised their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 22nd. Truist Financial boosted their price target on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Finally, Wells Fargo & Company raised their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Friday, February 21st. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $14.87.

Rivian Automotive Stock Down 0.4 %

Shares of RIVN stock opened at $11.40 on Monday. The stock’s fifty day moving average price is $13.39 and its 200 day moving average price is $12.46. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $18.85. The company has a market cap of $11.64 billion, a price-to-earnings ratio of -2.42 and a beta of 2.04. 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 issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. On average, research analysts expect that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,784,877.65. This trade represents a 7.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the business’s 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 completion of the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 275,357 shares of company stock worth $3,988,140 in the last 90 days. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Baillie Gifford & Co. increased its stake in Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after buying an additional 17,341,786 shares in the last quarter. Geode Capital Management LLC boosted its stake 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 worth $175,639,000 after acquiring an additional 227,168 shares during the last quarter. Capital International Investors purchased a new stake in shares of Rivian Automotive during the fourth quarter worth approximately $144,030,000. Norges Bank acquired a new position in Rivian Automotive in the 4th quarter valued at $123,308,000. Finally, Soma Equity Partners LP lifted its holdings in Rivian Automotive by 19.9% in the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock valued at $112,865,000 after purchasing an additional 1,407,772 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.