Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) shares gapped down prior to trading on Friday after UBS Group downgraded the stock from a buy rating to a sell rating. The stock had previously closed at $11.45, but opened at $10.92. UBS Group now has a $8.00 price target on the stock, down from their previous price target of $24.00. Rivian Automotive shares last traded at $10.32, with a volume of 28,453,994 shares traded.
RIVN has been the topic of a number of other research reports. The Goldman Sachs Group decreased their price objective on shares of Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, January 25th. DA Davidson decreased their price objective on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday. Robert W. Baird decreased their price objective on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a report on Thursday. Wolfe Research reissued a “peer perform” rating on shares of Rivian Automotive in a report on Thursday, January 4th. Finally, Barclays lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $25.00 to $16.00 in a report on Monday, February 12th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and thirteen 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 price target of $22.45.
Insider Activity at Rivian Automotive
In related news, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the sale, the chief financial officer now owns 155,749 shares in the company, valued at approximately $2,523,133.80. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.30% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Rivian Automotive
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. PNC Financial Services Group Inc. boosted its stake in Rivian Automotive by 31.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 10,502 shares of the electric vehicle automaker’s stock worth $528,000 after purchasing an additional 2,532 shares during the period. D.A. Davidson & CO. boosted its stake in Rivian Automotive by 9.1% in the 1st quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock worth $310,000 after purchasing an additional 515 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Rivian Automotive in the 1st quarter worth $493,000. MetLife Investment Management LLC acquired a new position in Rivian Automotive in the 1st quarter worth $231,000. Finally, Rhumbline Advisers boosted its stake in Rivian Automotive by 5.3% in the 1st quarter. Rhumbline Advisers now owns 132,021 shares of the electric vehicle automaker’s stock worth $6,633,000 after purchasing an additional 6,690 shares during the period. 62.79% of the stock is owned by institutional investors and hedge funds.
Rivian Automotive Stock Performance
The stock’s 50 day moving average price is $18.50 and its 200 day moving average price is $19.30. The company has a current ratio of 4.61, a quick ratio of 3.64 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $9.74 billion, a price-to-earnings ratio of -1.80 and a beta of 2.07.
Rivian Automotive Company Profile
Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles. It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc The company sells its products directly to customers in the consumer and commercial markets.