Rivian Automotive (NASDAQ:RIVN) Trading Down 2.2%

Rivian Automotive, Inc. (NASDAQ:RIVN) fell 2.2% during mid-day trading on Tuesday . The stock traded as low as $9.98 and last traded at $10.05. 9,352,700 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 42,357,539 shares. The stock had previously closed at $10.28.

Analyst Ratings Changes

Several research firms have issued reports on RIVN. Truist Financial restated a “hold” rating and issued a $10.00 price target (down from $11.00) on shares of Rivian Automotive in a research report on Thursday, May 2nd. Bank of America decreased their price target on shares of Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, February 22nd. Morgan Stanley decreased their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a research report on Thursday, April 4th. Stifel Nicolaus decreased their target price on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, February 26th. Finally, Robert W. Baird decreased their target price on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a research report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.00.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55. The firm has a market capitalization of $9.90 billion, a P/E ratio of -1.75 and a beta of 1.91. The stock’s 50 day moving average is $10.08 and its two-hundred day moving average is $14.56.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, beating the consensus estimate of ($1.67) by $0.09. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. As a group, equities analysts anticipate that Rivian Automotive, Inc. will post -4.96 earnings per share for the current fiscal year.

Insider Activity

In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $13.18, for a total transaction of $414,181.50. Following the sale, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at $690,829.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $13.18, for a total transaction of $414,181.50. Following the sale, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at $690,829.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the sale, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently modified their holdings of RIVN. Federated Hermes Inc. increased its position in Rivian Automotive by 8.2% during the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock worth $201,000 after acquiring an additional 651 shares during the period. Moneta Group Investment Advisors LLC increased its position in Rivian Automotive by 5.3% during the third quarter. Moneta Group Investment Advisors LLC now owns 13,335 shares of the electric vehicle automaker’s stock worth $324,000 after acquiring an additional 668 shares during the period. Laidlaw Wealth Management LLC increased its position in Rivian Automotive by 7.5% during the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after acquiring an additional 718 shares during the period. Jamison Private Wealth Management Inc. increased its position in Rivian Automotive by 10.8% during the fourth quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock worth $175,000 after acquiring an additional 727 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its position in Rivian Automotive by 13.7% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 6,416 shares of the electric vehicle automaker’s stock worth $156,000 after acquiring an additional 775 shares during the period. 66.25% of the stock is owned by institutional investors.

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.