Rivian Automotive (NASDAQ:RIVN) Trading Down 4.9% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded down 4.9% on Friday . The stock traded as low as $10.36 and last traded at $10.96. 14,339,653 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 37,169,511 shares. The stock had previously closed at $11.53.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Needham & Company LLC raised their target price on Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Truist Financial lifted their price objective on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Barclays increased their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 22nd. TD Cowen initiated coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They issued a “hold” rating and a $12.70 price target on the stock. Finally, Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $14.38.

Rivian Automotive Stock Performance

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 company’s 50-day moving average is $12.17 and its two-hundred day moving average is $12.09. The firm has a market cap of $12.68 billion, a P/E ratio of -2.37 and a beta of 1.89.

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

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the company’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 completion of the transaction, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock worth $2,588,475 over the last quarter. Insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Large investors have recently added to or reduced their stakes in the stock. Tandem Financial LLC bought a new position in shares of Rivian Automotive during the 4th quarter valued at approximately $25,000. Bank of Jackson Hole Trust bought a new position in Rivian Automotive during the fourth quarter valued at $27,000. Wilmington Savings Fund Society FSB purchased a new stake in Rivian Automotive in the third quarter worth $28,000. Orion Capital Management LLC bought a new stake in shares of Rivian Automotive in the fourth quarter valued at $34,000. Finally, Bear Mountain Capital Inc. raised its stake in Rivian Automotive by 208.0% in the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $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.