Rivian Automotive (NASDAQ:RIVN) Trading Down 0.8%

Rivian Automotive, Inc. (NASDAQ:RIVN) fell 0.8% during trading on Tuesday . The stock traded as low as $11.52 and last traded at $11.77. 7,020,389 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 40,797,664 shares. The stock had previously closed at $11.87.

Analyst Upgrades and Downgrades

Several research firms have recently commented on RIVN. Evercore ISI decreased their price objective on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. Jefferies Financial Group assumed coverage on Rivian Automotive in a report on Thursday, March 7th. They issued a “buy” rating and a $16.00 target price for the company. 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. JPMorgan Chase & Co. lowered Rivian Automotive from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $20.00 to $11.00 in a research note on Thursday, February 22nd. Finally, UBS Group raised Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price target for the company in a research note on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Rivian Automotive Trading Down 1.1 %

The firm has a market capitalization of $11.69 billion, a price-to-earnings ratio of -2.04 and a beta of 2.00. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. The business has a fifty day moving average price of $10.08 and a 200 day moving average price of $14.05.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.15 billion. As a group, equities analysts forecast that Rivian Automotive, Inc. will post -4.96 earnings per share for the current year.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently modified their holdings of RIVN. Ancora Advisors LLC acquired a new position in shares of Rivian Automotive during the third quarter valued at approximately $27,000. Bear Mountain Capital Inc. acquired a new position in Rivian Automotive in the 4th quarter worth approximately $26,000. Principal Securities Inc. acquired a new position in Rivian Automotive in the 4th quarter worth approximately $33,000. Arlington Trust Co LLC acquired a new position in Rivian Automotive in the 4th quarter worth approximately $35,000. Finally, Fairman Group LLC acquired a new position in Rivian Automotive in the 4th quarter worth approximately $36,000. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.