Rivian Automotive (NASDAQ:RIVN) Shares Down 1.3%

Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report) shares traded down 1.3% on Monday . The company traded as low as $10.74 and last traded at $10.74. 5,421,409 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 40,263,859 shares. The stock had previously closed at $10.88.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $15.00 price objective on shares of Rivian Automotive in a report on Monday. JPMorgan Chase & Co. lowered Rivian Automotive from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $20.00 to $11.00 in a report on Thursday, February 22nd. Evercore ISI lowered their price objective on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. Stifel Nicolaus reduced their price target on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, February 26th. Finally, Wells Fargo & Company reduced their price target on shares of Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Read Our Latest Stock Report on RIVN

Rivian Automotive Price Performance

The company’s 50 day moving average price is $10.18 and its 200-day moving average price is $13.80. The company has a market capitalization of $10.97 billion, a PE ratio of -1.91 and a beta of 2.01. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $1.15 billion. On average, sell-side analysts forecast that Rivian Automotive, Inc. will post -4.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $11.49, for a total transaction of $820,719.21. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,452,349.59. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

Institutional investors have recently added to or reduced their stakes in the business. Bear Mountain Capital Inc. acquired a new position in Rivian Automotive in the 4th quarter worth $26,000. Ancora Advisors LLC acquired a new stake in shares of Rivian Automotive in the 3rd quarter valued at about $27,000. EverSource Wealth Advisors LLC raised its stake in shares of Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares in the last quarter. Principal Securities Inc. acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at about $33,000. Finally, Benjamin Edwards Inc. acquired a new stake in shares of Rivian Automotive in the 1st quarter valued at about $33,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

About Rivian Automotive

(Get Free Report)

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.

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