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 Thursday . The stock traded as low as $11.37 and last traded at $11.44. 4,531,910 shares were traded during mid-day trading, a decline of 88% from the average session volume of 36,536,162 shares. The stock had previously closed at $11.49.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Piper Sandler downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $19.00 to $13.00 in a research report on Thursday, March 20th. Bank of America downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and cut their price target for the company from $13.00 to $10.00 in a report on Monday, February 24th. Needham & Company LLC increased their price objective on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Wells Fargo & Company lifted their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Friday, February 21st. Finally, TD Cowen started coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They set a “hold” rating and a $12.70 price objective for the company. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $14.17.

Rivian Automotive Stock Up 0.8 %

The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a 50 day moving average of $11.94 and a two-hundred day moving average of $12.06. The firm has a market capitalization of $13.10 billion, a price-to-earnings ratio of -2.45 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate 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, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was 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 $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 185,427 shares of company stock worth $2,237,044. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of RIVN. Orion Portfolio Solutions LLC increased its stake in Rivian Automotive by 327.5% in the third quarter. Orion Portfolio Solutions LLC now owns 42,747 shares of the electric vehicle automaker’s stock valued at $480,000 after purchasing an additional 32,747 shares in the last quarter. Virtu Financial LLC acquired a new stake in Rivian Automotive in the third quarter valued at approximately $4,184,000. Sanctuary Advisors LLC increased its holdings in shares of Rivian Automotive by 9.0% during the third quarter. Sanctuary Advisors LLC now owns 44,675 shares of the electric vehicle automaker’s stock valued at $457,000 after acquiring an additional 3,681 shares in the last quarter. World Investment Advisors LLC raised its position in shares of Rivian Automotive by 8.6% during the third quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock worth $204,000 after purchasing an additional 1,446 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Rivian Automotive in the 3rd quarter worth $28,000. Institutional investors and hedge funds 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.