Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) fell 4.9% during mid-day trading on Friday . The stock traded as low as $10.36 and last traded at $10.96. 14,339,653 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 37,169,511 shares. The stock had previously closed at $11.53.
Wall Street Analysts Forecast Growth
RIVN has been the subject of a number of recent research reports. Bank of America downgraded shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and dropped their price target for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. Cowen started coverage on Rivian Automotive in a research note on Thursday, March 6th. They issued a "hold" rating on the stock. Cantor Fitzgerald cut Rivian Automotive from an "overweight" rating to a "neutral" rating and lifted their price objective for the stock from $13.00 to $15.00 in a research note on Friday, February 21st. Wells Fargo & Company increased their target price on Rivian Automotive from $11.00 to $14.00 and gave the company an "equal weight" rating in a research note on Friday, February 21st. Finally, Needham & Company LLC boosted their target price on Rivian Automotive from $14.00 to $17.00 and gave the stock a "buy" rating in a research report on Friday, February 21st. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $14.38.
Get Our Latest Stock Report on RIVN
Rivian Automotive Stock Down 2.8 %
The company has a market capitalization of $12.68 billion, a price-to-earnings ratio of -2.37 and a beta of 1.89. The firm's 50 day moving average price is $12.17 and its two-hundred day moving average price is $12.09. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.
Insider Transactions at Rivian Automotive
In related news, CEO Robert J. Scaringe sold 35,713 shares of the firm's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at approximately $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares in the company, valued at approximately $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 a total of 185,427 shares of company stock worth $2,588,475 over the last quarter. Company insiders own 2.51% of the company's stock.
Institutional Investors Weigh In On Rivian Automotive
Several institutional investors have recently made changes to their positions in the stock. Tandem Financial LLC acquired a new position in Rivian Automotive in the 4th quarter valued at $25,000. Bank of Jackson Hole Trust bought a new stake in Rivian Automotive during the fourth quarter worth about $27,000. Wilmington Savings Fund Society FSB acquired a new stake in Rivian Automotive during the third quarter worth about $28,000. Orion Capital Management LLC bought a new position in Rivian Automotive in the 4th quarter valued at about $34,000. Finally, Bear Mountain Capital Inc. raised its position in shares of Rivian Automotive by 208.0% in the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock valued at $36,000 after buying an additional 1,932 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.
Rivian Automotive Company Profile
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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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