Rivian Automotive (NASDAQ:RIVN) sets new 12-month low after analyst downgrade

Rivian Automotive, Inc. (NASDAQ: RIVN – Get a rating) hit a fresh 52-week low midday on Wednesday after Barclays lowered its price target on the stock from $42.00 to $38.00. Barclays currently has an equal weight rating on the stock. Rivian Automotive traded as low as 30.58 and last traded at 30.68, with a volume of 18,829,900 shares. The stock had previously closed at 33.90.

RIVN has been the subject of a number of other research reports. UBS Group began covering Rivian Automotive shares in a research note on Tuesday, January 11. They set a “buy” rating for the company. Robert W. Baird lowered his price target on Rivian Automotive shares by $100.00 to $84.00 in a Friday, March 11 research note. Piper Sandler lowered her price target on Rivian Automotive shares from $130.00 to $112.00 and set an “overweight” rating for the company in a Monday, April 18 research note. Wells Fargo & Company lowered its price target on Rivian Automotive shares from $70.00 to $40.00 and set an “equal weight” rating for the company in a Friday, March 11 research note. Finally, Wedbush lowered its price target on Rivian Automotive shares from $130.00 to $60.00 and set an “outperform” rating for the company in a Friday, March 11 research note. Two equity research analysts gave the stock a sell rating, five gave the company a hold rating and twelve gave the company a buy rating. According to MarketBeat, Rivian Automotive has an average rating of “Buy” and a consensus target price of 83.06.

Several institutional investors have recently changed their positions in the stock. Newbridge Financial Services Group Inc. increased its stake in Rivian Automotive shares by 10.6% during the 1st quarter. Newbridge Financial Services Group Inc. now owns 16,738 shares of the electric vehicle maker worth $841,000 after buying 1,603 additional shares in the last quarter. Kestra Advisory Services LLC increased its equity stake in Rivian Automotive by 66.6% during the 1st quarter. Kestra Advisory Services LLC now owns 24,984 shares of the electric vehicle maker worth $1,255,000 after buying 9,987 additional shares in the last quarter. Stratos Wealth Partners LTD. bought a new equity stake in Rivian Automotive during Q1 worth approximately $440,000. Exchange Traded Concepts LLC purchased a new stake in Rivian Automotive stock during Q1 worth approximately $79,000. Finally, Robeco Institutional Asset Management BV increased its stake in Rivian Automotive by 14.9% in the 1st quarter. Robeco Institutional Asset Management BV now owns 32,993 shares of the electric vehicle maker worth $1,658,000 after acquiring 4,280 additional shares in the last quarter. 50.13% of the shares are currently held by institutional investors.

The company has a current ratio of 14.14, a quick ratio of 13.93 and a debt ratio of 0.06. The company has a fifty-day moving average of 46.29.

Rivian Automotive (NASDAQ:RIVN- Get a rating) last released its results on Thursday, March 10. The electric vehicle automaker reported earnings per share of -2.43 for the quarter, missing the Zacks consensus estimate of -1.97 by -0.46. The company posted revenue of 54.00 million for the quarter, compared to 60.72 million expected by analysts. As a group, stock analysts expect Rivian Automotive, Inc. to post -6.31 EPS for the current year.

Rivian Automotive Company Profile (NASDAQ: RIVN)

Rivian Automotive, Inc designs, develops, manufactures and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sport utility vehicles. It provides the Rivian Commercial Vehicle platform for electric delivery vans in conjunction with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.

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