Rivian Automotive (NASDAQ:RIVN) Trading Down 3.1% - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price was down 3.1% during mid-day trading on Thursday . The stock traded as low as $10.74 and last traded at $10.72. Approximately 6,672,930 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 37,187,404 shares. The stock had previously closed at $11.06.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Cowen assumed coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They issued a "hold" rating on the stock. Needham & Company LLC raised their price objective on Rivian Automotive from $14.00 to $17.00 and gave the stock a "buy" rating in a report on Friday, February 21st. Baird R W cut Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Benchmark assumed coverage on Rivian Automotive in a research report on Monday, December 9th. They issued a "buy" rating and a $18.00 target price for the company. Finally, Barclays raised their price target 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. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $14.73.

Rivian Automotive Stock Performance

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 stock's 50-day moving average is $12.91 and its 200 day moving average is $12.31. The stock has a market cap of $12.00 billion, a price-to-earnings ratio of -2.26 and a beta of 2.03.

Remove Ads

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted 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 return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. As a group, analysts predict 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 the stock in a transaction dated 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 owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, 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 sale, the chief executive officer now owns 863,361 shares of the company's stock, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 203,928 shares of company stock valued at $3,013,134. 2.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.