Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price fell 1.6% during mid-day trading on Thursday . The stock traded as low as $10.94 and last traded at $11.24. 8,373,911 shares traded hands during trading, a decline of 78% from the average session volume of 38,221,993 shares. The stock had previously closed at $11.42.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on RIVN. Bank of America lowered Rivian Automotive from a "neutral" rating to an "underperform" rating and reduced their target price for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Needham & Company LLC upped their target price on Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Cantor Fitzgerald lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and upped their target price for the company from $13.00 to $15.00 in a research report on Friday, February 21st. UBS Group upped their target price on Rivian Automotive from $11.00 to $14.00 and gave the company a "neutral" rating in a research report on Thursday, January 16th. Finally, Baird R W downgraded Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 18th. Three investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of "Hold" and an average price target of $14.73.
Check Out Our Latest Stock Analysis on Rivian Automotive
Rivian Automotive Stock Up 1.3 %
The company has a market cap of $12.63 billion, a PE ratio of -2.37 and a beta of 2.03. The business has a 50-day simple moving average of $13.06 and a 200-day simple moving average of $12.36. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results 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. The company 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%. Equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.
Insider Buying and Selling at Rivian Automotive
In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company's stock, valued at $11,784,877.65. This represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction, the chief financial officer now directly owns 335,076 shares of the company's stock, valued at $4,778,183.76. The trade was a 2.01 % 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 quarter. 2.51% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Rivian Automotive
Hedge funds have recently made changes to their positions in the company. Tandem Financial LLC acquired a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $25,000. Bank of Jackson Hole Trust acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive in the third quarter valued at approximately $28,000. Orion Capital Management LLC acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $34,000. Finally, Bear Mountain Capital Inc. increased 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 worth $36,000 after acquiring an additional 1,932 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.
About Rivian Automotive
(
Get Free Report)
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.
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