Rivian Automotive (NASDAQ:RIVN) Shares Down 1.3% – What’s Next?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 1.3% on Friday . The company traded as low as $15.40 and last traded at $15.70. 8,469,846 shares were traded during mid-day trading, a decline of 77% from the average session volume of 36,234,734 shares. The stock had previously closed at $15.91.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RIVN. Piper Sandler increased their price target on Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Thursday. Needham & Company LLC cut their price target on Rivian Automotive from $17.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. Wells Fargo & Company dropped their price objective on Rivian Automotive from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 7th. Cantor Fitzgerald reiterated a “neutral” rating and set a $15.00 target price on shares of Rivian Automotive in a report on Wednesday, May 7th. Finally, Bank of America lowered Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $14.33.

Rivian Automotive Stock Performance

The stock has a fifty day simple moving average of $12.92 and a 200-day simple moving average of $12.72. The stock has a market cap of $17.67 billion, a P/E ratio of -3.31 and a beta of 1.86. 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 released its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.23. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $981.52 million. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company’s revenue was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.48) EPS. On average, equities analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now owns 853,011 shares of the company’s stock, valued at approximately $9,596,373.75. The trade was a 7.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 9,937 shares of Rivian Automotive stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $15.00, for a total value of $149,055.00. Following the completion of the sale, the chief financial officer now directly owns 851,637 shares in the company, valued at approximately $12,774,555. This represents a 1.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold 384,265 shares of company stock worth $5,201,750 in the last quarter. Corporate insiders own 2.16% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC increased its position in shares of Rivian Automotive by 7.4% in the first quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker’s stock valued at $131,000 after acquiring an additional 722 shares during the last quarter. Brown Advisory Inc. grew its holdings in Rivian Automotive by 2.4% during the first quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker’s stock worth $405,000 after purchasing an additional 772 shares during the period. First National Trust Co grew its holdings in Rivian Automotive by 5.3% during the first quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker’s stock worth $199,000 after purchasing an additional 800 shares during the period. Dimension Capital Management LLC grew its holdings in Rivian Automotive by 5.5% during the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock worth $208,000 after purchasing an additional 819 shares during the period. Finally, Tradition Wealth Management LLC grew its holdings in Rivian Automotive by 7.2% during the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock worth $168,000 after purchasing an additional 849 shares during the period. 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.