Rivian Automotive (NASDAQ:RIVN) Shares Down 4.7% - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares fell 4.7% on Wednesday . The company traded as low as $12.32 and last traded at $12.66. 22,413,681 shares were traded during mid-day trading, a decline of 40% from the average session volume of 37,132,458 shares. The stock had previously closed at $13.28.

Analyst Ratings Changes

A number of analysts have recently commented on RIVN shares. Cowen started coverage on Rivian Automotive in a report on Thursday, March 6th. They set a "hold" rating for the company. UBS Group upped their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock a "neutral" rating in a research note on Thursday, January 16th. Truist Financial boosted their target price on Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a report on Thursday, January 16th. TD Cowen started coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They set a "hold" rating and a $12.70 target price for the company. Finally, Baird R W cut shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $14.38.

Rivian Automotive Trading Down 7.7 %

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 firm's fifty day moving average price is $12.20 and its 200-day moving average price is $12.11. The company has a market cap of $13.04 billion, a price-to-earnings ratio of -2.44 and a beta of 2.03.

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Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate 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 analyst estimates of $1.43 billion. On average, equities analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the 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 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $11.82, for a total value of $844,290.78. Following the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $10,082,590.02. The trade was a 7.73 % 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. 2.51% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tandem Financial LLC acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at $25,000. Bank of Jackson Hole Trust bought a new position in shares of Rivian Automotive during the 4th quarter valued at about $27,000. Wilmington Savings Fund Society FSB bought a new position in shares of Rivian Automotive during the 3rd quarter valued at about $28,000. Orion Capital Management LLC acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $34,000. Finally, Bear Mountain Capital Inc. lifted its stake in Rivian Automotive by 208.0% during the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock valued at $36,000 after purchasing an additional 1,932 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

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.