Rivian Automotive (NASDAQ:RIVN) Trading Down 1.3% - What's Next?

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Piper Sandler lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and cut their target price for the stock from $19.00 to $13.00 in a research report on Thursday, March 20th. UBS Group upped their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a "neutral" rating in a research note on Thursday, January 16th. Truist Financial lifted their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a research report on Thursday, January 16th. Bank of America downgraded shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and reduced their price target for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Finally, Cantor Fitzgerald cut shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and lifted their price objective for the stock from $13.00 to $15.00 in a research report on Friday, February 21st. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $14.38.

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Rivian Automotive Trading Down 5.3 %

The company has a fifty day simple moving average of $12.30 and a two-hundred day simple moving average of $12.15. The company has a market capitalization of $13.95 billion, a P/E ratio of -2.60 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.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion for 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 forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In other Rivian Automotive news, 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 value of $97,766.56. Following 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 position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,879,847.36. This represents a 3.97 % 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 valued at $2,588,475. 2.51% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently bought and sold shares of RIVN. Geode Capital Management LLC raised its position in shares of Rivian Automotive by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock valued at $175,639,000 after buying an additional 227,168 shares during the last quarter. Capital International Investors acquired a new position in Rivian Automotive in the 4th quarter valued at approximately $144,030,000. Norges Bank bought a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $123,308,000. Soma Equity Partners LP grew its holdings in shares of Rivian Automotive by 19.9% during the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock worth $112,865,000 after purchasing an additional 1,407,772 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Rivian Automotive by 68.5% during the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock valued at $96,275,000 after purchasing an additional 2,941,928 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.