Rivian Automotive (NASDAQ:RIVN) Trading Down 0.5% – What’s Next?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 0.5% on Wednesday . The company traded as low as $11.20 and last traded at $11.21. 6,059,188 shares were traded during mid-day trading, a decline of 84% from the average session volume of 38,281,731 shares. The stock had previously closed at $11.26.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on RIVN. Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $13.00 to $10.00 in a report on Monday, February 24th. UBS Group increased their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Stifel Nicolaus lowered their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Sanford C. Bernstein initiated coverage on Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective for the company. Finally, Barclays raised their target price on shares of 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, fourteen have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $14.87.

Rivian Automotive Stock Up 1.5 %

The company has a market capitalization of $12.92 billion, a price-to-earnings ratio of -2.42 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The business has a 50-day simple moving average of $13.22 and a two-hundred day simple moving average of $12.40.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion during 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%. As a group, equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,784,877.65. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 275,357 shares of company stock valued at $3,988,140 over the last quarter. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Baillie Gifford & Co. increased its holdings in Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after buying an additional 17,341,786 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Rivian Automotive by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock worth $175,639,000 after acquiring an additional 227,168 shares during the period. Capital International Investors purchased a new position in Rivian Automotive in the 4th quarter valued at approximately $144,030,000. Norges Bank acquired a new position in Rivian Automotive during the fourth quarter worth $123,308,000. Finally, Soma Equity Partners LP boosted its position in Rivian Automotive by 19.9% during the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock worth $112,865,000 after purchasing an additional 1,407,772 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

About Rivian Automotive

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.