Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.3% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were down 1.3% during mid-day trading on Tuesday . The company traded as low as $12.05 and last traded at $12.03. Approximately 6,633,926 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 36,980,596 shares. The stock had previously closed at $12.19.

Analyst Ratings Changes

A number of analysts have weighed in on RIVN shares. Truist Financial raised their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Guggenheim cut 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 note on Monday, February 24th. Bank of America downgraded shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Cantor Fitzgerald downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $13.00 to $15.00 in a report on Friday, February 21st. Finally, Sanford C. Bernstein began coverage on Rivian Automotive in a research note on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target on the stock. 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $14.38.

Rivian Automotive Price Performance

The stock has a market cap of $14.76 billion, a price-to-earnings ratio of -2.77 and a beta of 2.03. The company’s 50 day moving average is $12.32 and its 200 day moving average is $12.14. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

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

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $11.82, for a total value of $844,290.78. Following the sale, the chief executive officer now owns 853,011 shares of the company’s stock, valued at $10,082,590.02. This represents a 7.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 185,427 shares of company stock worth $2,588,475. 2.51% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. Charles Schwab Investment Management Inc. lifted its holdings in Rivian Automotive by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock valued at $63,055,000 after purchasing an additional 133,781 shares in the last quarter. Mountain Hill Investment Partners Corp. purchased a new position in shares of Rivian Automotive during the 4th quarter worth $1,363,000. SG Americas Securities LLC boosted its position in shares of Rivian Automotive by 42.7% in the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock worth $2,404,000 after acquiring an additional 54,053 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Rivian Automotive in the fourth quarter valued at approximately $10,448,000. Finally, SBI Securities Co. Ltd. acquired a new position in Rivian Automotive during the fourth quarter worth approximately $1,382,000. 66.25% of the stock is currently owned by hedge funds and other 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.