Rivian Automotive (NASDAQ:RIVN) Shares Down 3.6%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 3.6% during trading on Thursday . The company traded as low as $8.50 and last traded at $8.52. Approximately 6,998,406 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 42,312,238 shares. The stock had previously closed at $8.84.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on RIVN. DA Davidson lowered their target price on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. The Goldman Sachs Group lowered their price objective on shares of Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, January 25th. Truist Financial reiterated a “hold” rating and set a $11.00 target price on shares of Rivian Automotive in a research report on Friday, April 12th. JPMorgan Chase & Co. lowered shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $20.00 to $11.00 in a report on Thursday, February 22nd. Finally, Barclays reduced their price objective on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Friday, April 19th. One investment 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.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.61.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The company has a market cap of $8.33 billion, a price-to-earnings ratio of -1.48 and a beta of 1.88. The stock has a 50-day moving average price of $11.13 and a 200 day moving average price of $15.65.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping the consensus estimate of ($1.67) by $0.09. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. As a group, analysts anticipate that Rivian Automotive, Inc. will post -4.76 EPS for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the transaction, the insider now directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares in the company, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,306 shares of company stock valued at $717,274. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive during the 4th quarter worth $26,000. Ancora Advisors LLC bought a new position in Rivian Automotive in the 3rd quarter valued at about $27,000. MCF Advisors LLC raised its position in shares of Rivian Automotive by 396.8% in the 3rd quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock valued at $30,000 after buying an additional 1,000 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of Rivian Automotive by 1,537.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock worth $32,000 after acquiring an additional 1,245 shares during the period. Finally, Principal Securities Inc. bought a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $33,000. 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.