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

Rivian Automotive, Inc. (NASDAQ:RIVN) fell 5.6% 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.

Analysts Set New Price Targets

RIVN has been the subject of several research analyst reports. Mizuho cut their target price on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Monday, March 17th. Sanford C. Bernstein started coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price for the company. Barclays raised their price target on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Wednesday, January 22nd. Cowen initiated coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They issued a “hold” rating on the stock. Finally, UBS Group boosted their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $14.38.

Rivian Automotive Price Performance

The business has a 50 day simple moving average of $12.22 and a two-hundred day simple moving average of $12.11. The firm has a market capitalization of $13.04 billion, a P/E ratio of -2.44 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

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

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the 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 approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. 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 over the last 90 days. 2.51% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently made changes to their positions in RIVN. Lansforsakringar Fondforvaltning AB publ purchased a new position in shares of Rivian Automotive during the 4th quarter valued at about $3,198,000. PKO Investment Management Joint Stock Co purchased a new stake in Rivian Automotive during the fourth quarter valued at $479,000. Siemens Fonds Invest GmbH purchased a new stake in Rivian Automotive during the fourth quarter valued at approximately $145,000. Gould Capital LLC raised its holdings in Rivian Automotive by 87.6% during the 4th quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker’s stock valued at $93,000 after buying an additional 3,280 shares during the period. Finally, Parr Mcknight Wealth Management Group LLC purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at $206,000. 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.