Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.8%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price dropped 2.8% during mid-day trading on Friday . The stock traded as low as $9.24 and last traded at $9.30. Approximately 18,340,916 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 42,400,512 shares. The stock had previously closed at $9.57.

Wall Street Analyst Weigh In

RIVN has been the topic of several research reports. Mizuho reissued a “neutral” rating and issued a $12.00 target price on shares of Rivian Automotive in a research report on Monday, March 25th. Robert W. Baird decreased their price objective on Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. Morgan Stanley decreased their price objective on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday, April 4th. UBS Group reaffirmed a “sell” rating and issued a $8.00 price objective (down previously from $24.00) on shares of Rivian Automotive in a research note on Friday, February 23rd. Finally, JPMorgan Chase & Co. downgraded Rivian Automotive from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $20.00 to $11.00 in a research note on Thursday, February 22nd. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $19.87.

Rivian Automotive Trading Down 4.6 %

The stock has a market cap of $8.92 billion, a PE ratio of -1.59 and a beta of 1.88. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. The stock has a fifty day moving average price of $12.25 and a 200 day moving average price of $16.39.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping analysts’ consensus estimates of ($1.67) by $0.09. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. Equities analysts expect that Rivian Automotive, Inc. will post -4.79 EPS for the current year.

Insider Transactions at Rivian Automotive

In related news, insider Kjell Gruner sold 19,935 shares of the business’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 transaction, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction on Monday, March 11th. The stock was 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the transaction, the insider now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. In the last 90 days, insiders sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of the business. Sunbelt Securities Inc. lifted its holdings in shares of Rivian Automotive by 195.0% in the 2nd quarter. Sunbelt Securities Inc. now owns 1,475 shares of the electric vehicle automaker’s stock worth $25,000 after buying an additional 975 shares during the period. Bear Mountain Capital Inc. purchased a new stake in shares of Rivian Automotive in the 4th quarter worth $26,000. Ancora Advisors LLC purchased a new stake in shares of Rivian Automotive in the 3rd quarter worth $27,000. MCF Advisors LLC lifted its holdings in shares of Rivian Automotive by 396.8% in the 3rd quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock worth $30,000 after buying an additional 1,000 shares during the period. Finally, Resurgent Financial Advisors LLC purchased a new stake in shares of Rivian Automotive in the 4th quarter worth $30,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.