Rivian Automotive (NASDAQ:RIVN) Shares Down 5.6% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 5.6% during trading on Thursday . The company traded as low as $11.75 and last traded at $11.79. 14,552,511 shares were traded during trading, a decline of 61% from the average session volume of 37,149,404 shares. The stock had previously closed at $12.49.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of analyst reports. UBS Group lifted their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Bank of America lowered Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Piper Sandler lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $19.00 to $13.00 in a research report on Thursday, March 20th. Cowen started coverage on Rivian Automotive in a report on Thursday, March 6th. They set a “hold” rating for the company. Finally, Mizuho dropped their price target on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Monday, March 17th. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $14.38.

Rivian Automotive Stock Performance

The company has a market capitalization of $12.68 billion, a PE ratio of -2.37 and a beta of 2.03. 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 business’s fifty day moving average is $12.17 and its two-hundred day moving average is $12.10.

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

Insider Activity

In other news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following 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 position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,879,847.36. The trade was a 3.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock valued at $2,588,475 in the last 90 days. 2.51% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently made changes to their positions in RIVN. Tandem Financial LLC purchased a new position in Rivian Automotive during the fourth quarter valued at $25,000. Bank of Jackson Hole Trust purchased a new position in shares of Rivian Automotive during the 4th quarter valued at about $27,000. Wilmington Savings Fund Society FSB purchased a new stake in Rivian Automotive in the 3rd quarter worth approximately $28,000. Orion Capital Management LLC bought a new stake in Rivian Automotive during the 4th quarter worth approximately $34,000. Finally, Bear Mountain Capital Inc. raised its stake in Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after acquiring an additional 1,932 shares during the period. 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.