Rivian Automotive (NASDAQ:RIVN) Trading Down 4% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was down 4% on Friday . The company traded as low as $12.35 and last traded at $12.50. Approximately 16,157,142 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 36,873,636 shares. The stock had previously closed at $13.02.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Barclays lifted their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 22nd. Guggenheim reduced their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, February 24th. Bank of America downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. Mizuho decreased their target price 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. Finally, Wells Fargo & Company increased their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Friday, February 21st. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Stock Down 5.4 %

The firm’s 50-day simple moving average is $12.30 and its 200 day simple moving average is $12.15. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a market capitalization of $13.92 billion, a P/E ratio of -2.62 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates 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, research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 185,427 shares of company stock valued at $2,588,475. 2.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC raised its stake in Rivian Automotive by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock valued at $175,639,000 after buying an additional 227,168 shares during the period. Capital International Investors acquired a new position in shares of Rivian Automotive during the 4th quarter worth approximately $144,030,000. Norges Bank bought a new stake in Rivian Automotive in the 4th quarter valued at $123,308,000. Soma Equity Partners LP lifted its holdings in Rivian Automotive by 19.9% during the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock valued at $112,865,000 after purchasing an additional 1,407,772 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Rivian Automotive by 68.5% during the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock worth $96,275,000 after purchasing an additional 2,941,928 shares during the period. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.