Rivian Automotive (NASDAQ:RIVN) Stock Price Down 0.5% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded down 0.5% on Wednesday . The stock traded as low as $11.20 and last traded at $11.21. 6,059,188 shares traded hands during trading, a decline of 84% from the average session volume of 38,281,731 shares. The stock had previously closed at $11.26.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RIVN. The Goldman Sachs Group boosted their target price on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price on the stock. Truist Financial raised their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Wedbush reiterated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a report on Friday, November 8th. Finally, Stifel Nicolaus reduced their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, November 11th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average price target of $14.87.

Rivian Automotive Stock Up 1.5 %

The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The business’s fifty day moving average price is $13.22 and its two-hundred day moving average price is $12.40. The stock has a market capitalization of $12.92 billion, a PE ratio of -2.42 and a beta of 2.04.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share 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 business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. On average, equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Activity

In related news, CFO Claire Mcdonough sold 18,501 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the sale, the chief financial officer now owns 351,900 shares in the company, valued at approximately $5,278,500. This trade represents a 4.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,784,877.65. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 275,357 shares of company stock valued at $3,988,140 in the last ninety days. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently modified their holdings of the business. Tandem Financial LLC purchased a new position in shares of Rivian Automotive during the 4th quarter valued at approximately $25,000. Bank of Jackson Hole Trust acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at about $27,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rivian Automotive during the third quarter worth about $28,000. American Capital Advisory LLC raised its position in shares of Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares during the last quarter. Finally, Hantz Financial Services Inc. lifted its stake 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 valued at $34,000 after buying an additional 2,900 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.