Rivian Automotive (NASDAQ:RIVN) Trading Down 3.1% – What’s Next?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were down 3.1% during trading on Monday . The company traded as low as $11.69 and last traded at $12.03. Approximately 11,542,823 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 37,030,883 shares. The stock had previously closed at $12.41.

Wall Street Analyst Weigh In

Several research analysts have commented on RIVN shares. Piper Sandler downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and cut their price target for the company from $19.00 to $13.00 in a report on Thursday, March 20th. UBS Group lifted their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. Sanford C. Bernstein began coverage on Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price for the company. Cowen assumed coverage on Rivian Automotive in a research report on Thursday, March 6th. They set a “hold” rating on the stock. Finally, Mizuho lowered their price objective on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, March 17th. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Trading Up 1.2 %

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock’s fifty day moving average price is $12.26 and its 200 day moving average price is $12.12. The stock has a market cap of $14.21 billion, a P/E ratio of -2.66 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Equities research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,588,475 over the last three months. 2.51% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently bought and sold shares of the business. Tandem Financial LLC bought a new position in Rivian Automotive during the 4th quarter valued at about $25,000. Bank of Jackson Hole Trust bought a new position in Rivian Automotive during the fourth quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB purchased a new stake in Rivian Automotive in the third quarter worth approximately $28,000. Hantz Financial Services Inc. grew its position in Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 2,900 shares during the period. Finally, Orion Capital Management LLC bought a new stake in Rivian Automotive in the 4th quarter worth approximately $34,000. 66.25% of the stock is currently owned by institutional investors.

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.