Rivian Automotive (NASDAQ:RIVN) Shares Down 2.8%

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

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on RIVN shares. Evercore ISI dropped their target price on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a research report on Thursday, February 22nd. Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and raised their target price for the company from $15.00 to $21.00 in a report on Friday, March 15th. Jefferies Financial Group started coverage on shares of Rivian Automotive in a research note on Thursday, March 7th. They set a “buy” rating and a $16.00 price target on the stock. DA Davidson lowered their target price on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Finally, Morgan Stanley reduced their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a research report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.61.

Rivian Automotive Stock Down 5.1 %

The firm’s 50 day moving average is $10.69 and its 200-day moving average is $15.41. The firm has a market cap of $8.70 billion, a PE ratio of -1.59 and a beta of 1.88. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) 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 business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. As a group, equities research analysts expect that Rivian Automotive, Inc. will post -4.76 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In other news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the sale, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the transaction, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

Large investors have recently added to or reduced their stakes in the stock. Stifel Financial Corp grew its stake in shares of Rivian Automotive by 7.3% in the third quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock valued at $6,997,000 after buying an additional 19,699 shares in the last quarter. CenterBook Partners LP acquired a new position in shares of Rivian Automotive during the third quarter worth $4,473,000. Atria Wealth Solutions Inc. lifted its position in shares of Rivian Automotive by 448.0% during the third quarter. Atria Wealth Solutions Inc. now owns 229,347 shares of the electric vehicle automaker’s stock worth $5,569,000 after purchasing an additional 187,495 shares in the last quarter. Morgan Stanley boosted its stake in shares of Rivian Automotive by 14.0% in the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after purchasing an additional 1,193,650 shares during the period. Finally, Aigen Investment Management LP acquired a new stake in Rivian Automotive during the 3rd quarter valued at $1,806,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.