Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares traded down 2.2% during mid-day trading on Thursday . The stock traded as low as $10.88 and last traded at $11.11. 9,032,902 shares changed hands during trading, a decline of 75% from the average session volume of 36,824,056 shares. The stock had previously closed at $11.36.
Wall Street Analyst Weigh In
RIVN has been the subject of a number of recent research reports. Wells Fargo & Company increased their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an "equal weight" rating in a research report on Friday, February 21st. Truist Financial increased their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a report on Thursday, January 16th. Cowen started coverage on Rivian Automotive in a report on Thursday, March 6th. They set a "hold" rating on the stock. UBS Group lifted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock a "neutral" rating in a research report on Thursday, January 16th. Finally, Barclays upped their target price on Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a report on Wednesday, January 22nd. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive has an average rating of "Hold" and an average target price of $14.38.
Read Our Latest Analysis on RIVN
Rivian Automotive Stock Up 3.5 %
The firm has a market cap of $13.58 billion, a PE ratio of -2.54 and a beta of 2.03. The business has a 50-day moving average price of $12.41 and a two-hundred day moving average price of $12.16. 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 posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates 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, equities research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.
Insider Activity at Rivian Automotive
In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated 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 directly owns 335,076 shares of the company's stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,998 shares of company stock valued at $1,744,184 over the last 90 days. 2.51% of the stock is 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 business. Lansforsakringar Fondforvaltning AB publ purchased a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $3,198,000. PKO Investment Management Joint Stock Co acquired a new stake in Rivian Automotive during the 4th quarter worth $479,000. Siemens Fonds Invest GmbH purchased a new stake in Rivian Automotive in the fourth quarter valued at $145,000. Gould Capital LLC lifted its position in Rivian Automotive by 87.6% in the fourth quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker's stock valued at $93,000 after acquiring an additional 3,280 shares during the last quarter. Finally, Parr Mcknight Wealth Management Group LLC acquired a new position in Rivian Automotive in the fourth quarter valued at $206,000. 66.25% of the stock is owned by institutional investors and hedge funds.
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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