Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares fell 4.1% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $13.28 and last traded at $13.36. 12,994,327 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 32,333,453 shares. The stock had previously closed at $13.93.
Specifically, CFO Claire Mcdonough sold 6,856 shares of the company's 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 sale, the chief financial officer now directly owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Analysts Set New Price Targets
A number of research firms have commented on RIVN. Truist Financial upped their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a research note on Thursday, January 16th. Robert W. Baird reaffirmed a "neutral" rating and set a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Bank of America lowered shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and reduced their price objective for the company from $13.00 to $10.00 in a research note on Monday. Mizuho upped their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research note on Friday. Finally, Wells Fargo & Company upped their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an "equal weight" rating in a research note on Friday. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $14.87.
Check Out Our Latest Stock Analysis on Rivian Automotive
Rivian Automotive Stock Down 7.8 %
The business has a fifty day moving average of $13.49 and a 200 day moving average of $12.48. The stock has a market cap of $12.21 billion, a price-to-earnings ratio of -2.53 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. On average, equities analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.
Hedge Funds Weigh In On Rivian Automotive
A number of hedge funds have recently added to or reduced their stakes in RIVN. Charles Schwab Investment Management Inc. grew its holdings in Rivian Automotive by 79.2% during 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 purchasing an additional 2,035,831 shares during the last quarter. International Assets Investment Management LLC grew its holdings in Rivian Automotive by 1,870.7% during the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker's stock valued at $608,000 after purchasing an additional 51,464 shares during the last quarter. Mizuho Markets Americas LLC grew its holdings in Rivian Automotive by 30.7% during the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker's stock valued at $5,964,000 after purchasing an additional 124,950 shares during the last quarter. SG Americas Securities LLC grew its holdings in Rivian Automotive by 42.7% during the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock valued at $2,404,000 after purchasing an additional 54,053 shares during the last quarter. Finally, Alberta Investment Management Corp acquired a new position in Rivian Automotive during the fourth quarter valued at approximately $6,648,000. Institutional investors and hedge funds own 66.25% of the company's stock.
About Rivian Automotive
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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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