Rivian Automotive (NASDAQ:RIVN) Shares Down 1.8% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 1.8% during trading on Friday . The company traded as low as $14.91 and last traded at $15.33. 34,121,069 shares changed hands during trading, an increase of 8% from the average session volume of 31,453,260 shares. The stock had previously closed at $15.61.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RIVN. Morgan Stanley reaffirmed an “underweight” rating and set a $12.00 price target on shares of Rivian Automotive in a research note on Monday, December 8th. The Goldman Sachs Group upped their price objective on Rivian Automotive from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Stifel Nicolaus lifted their target price on Rivian Automotive from $17.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. DA Davidson downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $15.00 to $14.00 in a research report on Tuesday, February 17th. Finally, Canaccord Genuity Group restated a “buy” rating on shares of Rivian Automotive in a research note on Monday, December 15th. Nine analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $18.10.

Rivian Automotive Stock Down 1.8%

The stock has a market capitalization of $19.02 billion, a price-to-earnings ratio of -4.99 and a beta of 1.76. The firm has a 50-day moving average of $17.26 and a 200 day moving average of $15.52. The company has a current ratio of 2.33, a quick ratio of 1.89 and a debt-to-equity ratio of 0.97.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 12th. The electric vehicle automaker reported ($0.66) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.02. Rivian Automotive had a negative net margin of 67.68% and a negative return on equity of 65.05%. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter last year, the company earned ($0.70) earnings per share. Rivian Automotive’s revenue for the quarter was down 25.8% on a year-over-year basis. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,900 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $586,320.00. Following the completion of the transaction, the chief executive officer directly owned 1,044,731 shares of the company’s stock, valued at $17,551,480.80. This represents a 3.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 27,133 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $455,834.40. Following the sale, the chief financial officer owned 680,836 shares of the company’s stock, valued at $11,438,044.80. This represents a 3.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 164,737 shares of company stock worth $2,922,209 in the last quarter. 2.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of Rivian Automotive during the fourth quarter worth approximately $220,323,000. Renaissance Technologies LLC raised its holdings in Rivian Automotive by 32.4% in the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after acquiring an additional 4,012,386 shares in the last quarter. Vanguard Group Inc. boosted its stake in Rivian Automotive by 3.3% during the 3rd quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock valued at $1,198,967,000 after acquiring an additional 2,597,310 shares during the last quarter. Capital International Investors grew its holdings in Rivian Automotive by 13.2% during the 4th quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after acquiring an additional 2,418,717 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in Rivian Automotive by 496.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock worth $31,490,000 after acquiring an additional 1,918,852 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.