Rivian Automotive (NASDAQ:RIVN) Shares Down 2.8%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 2.8% during mid-day trading on Tuesday . The stock traded as low as $9.02 and last traded at $9.12. Approximately 5,125,862 shares traded hands during trading, a decline of 88% from the average daily volume of 41,735,984 shares. The stock had previously closed at $9.38.

Wall Street Analyst Weigh In

RIVN has been the subject of several research reports. Morgan Stanley cut their price target on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a report on Thursday, April 4th. Robert W. Baird dropped their target price on Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating for the company in a report on Thursday, February 22nd. Bank of America dropped their target price on Rivian Automotive from $40.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, February 22nd. The Goldman Sachs Group dropped their target price on Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, January 25th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 target price on shares of Rivian Automotive in a report on Wednesday, April 3rd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.57.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The stock has a 50-day simple moving average of $10.43 and a 200-day simple moving average of $15.29. The stock has a market cap of $9.61 billion, a P/E ratio of -1.73 and a beta of 1.91.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Research analysts forecast that Rivian Automotive, Inc. will post -4.76 earnings per share for the current year.

Insider Activity

In other news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the sale, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the transaction, the insider now directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,306 shares of company stock valued at $717,274. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Bear Mountain Capital Inc. acquired a new position in shares of Rivian Automotive in the fourth quarter worth approximately $26,000. Ancora Advisors LLC acquired a new position in shares of Rivian Automotive in the third quarter worth approximately $27,000. First Horizon Advisors Inc. lifted its stake in shares of Rivian Automotive by 1,537.0% in the third quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock worth $32,000 after acquiring an additional 1,245 shares during the period. Principal Securities Inc. acquired a new position in shares of Rivian Automotive in the fourth quarter worth approximately $33,000. Finally, Benjamin Edwards Inc. acquired a new position in shares of Rivian Automotive in the first quarter worth approximately $33,000. 66.25% of the stock is 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.