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

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price dropped 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 changed 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 Upgrades and Downgrades

Several research analysts have commented on the company. Barclays boosted their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 22nd. Piper Sandler cut shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and lowered their price objective for the stock from $19.00 to $13.00 in a research report on Thursday, March 20th. Guggenheim cut their target price 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, February 24th. Wells Fargo & Company upped their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a report on Friday, February 21st. Finally, Bank of America downgraded Rivian Automotive from a "neutral" rating to an "underperform" rating and cut their price objective for the company from $13.00 to $10.00 in a report on Monday, February 24th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $14.38.

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Rivian Automotive Stock Down 4.7 %

The company has a market cap of $14.03 billion, a price-to-earnings ratio of -2.63 and a beta of 2.03. The stock's 50-day moving average is $12.26 and its 200-day moving average is $12.12. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.43 billion. On average, analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares in the company, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 185,427 shares of company stock valued at $2,588,475. Company insiders own 2.51% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently bought and sold shares of the stock. Capital International Investors purchased a new stake in Rivian Automotive in the 4th quarter valued at about $144,030,000. Norges Bank purchased a new position in shares of Rivian Automotive in the 4th quarter worth about $123,308,000. Northern Trust Corp grew its position in 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 buying an additional 2,941,928 shares during the period. Twinbeech Capital LP bought a new stake in Rivian Automotive in the fourth quarter worth about $29,944,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock valued at $51,693,000 after acquiring an additional 2,035,831 shares during the last quarter. 66.25% of the stock is 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.