Rivian Automotive (NASDAQ:RIVN) Trading Down 0.5% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded down 0.5% on Wednesday . The company traded as low as $11.20 and last traded at $11.21. 6,059,188 shares were traded during mid-day trading, a decline of 84% from the average session volume of 38,281,731 shares. The stock had previously closed at $11.26.

Analysts Set New Price Targets

Several research firms have issued reports on RIVN. Stifel Nicolaus decreased 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 report on Monday, November 11th. Royal Bank of Canada decreased their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Cantor Fitzgerald cut Rivian Automotive from an “overweight” rating to a “neutral” rating and upped their price target for the company from $13.00 to $15.00 in a report on Friday, February 21st. TD Cowen started coverage on Rivian Automotive in a report on Friday. They set a “hold” rating and a $12.70 price objective on the stock. Finally, Mizuho boosted their price objective on Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, February 21st. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $14.78.

Rivian Automotive Stock Up 1.3 %

The company has a market cap of $12.63 billion, a P/E ratio of -2.37 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The business’s 50 day moving average price is $13.11 and its 200-day moving average price is $12.38.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (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%. On average, analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity 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 shares were sold at an average price of $14.26, for a total value 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $13.88, for a total value of $991,434.52. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,983,450.68. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 275,357 shares of company stock valued at $3,988,140 over the last ninety days. 2.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently added to or reduced their stakes in RIVN. Dimension Capital Management LLC raised its position in shares of Rivian Automotive by 5.5% in the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock valued at $208,000 after acquiring an additional 819 shares during the period. Tradition Wealth Management LLC increased its stake in Rivian Automotive by 7.2% in the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock valued at $168,000 after purchasing an additional 849 shares in the last quarter. John G Ullman & Associates Inc. increased its stake in Rivian Automotive by 9.1% in the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock valued at $135,000 after purchasing an additional 1,000 shares in the last quarter. RFG Holdings Inc. raised its holdings in Rivian Automotive by 5.2% in the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock worth $296,000 after purchasing an additional 1,096 shares during the period. Finally, Oppenheimer & Co. Inc. boosted its position in shares of Rivian Automotive by 4.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock worth $354,000 after purchasing an additional 1,160 shares in the last quarter. 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.