Rivian Automotive (NASDAQ:RIVN) Shares Down 1.2% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares fell 1.2% during mid-day trading on Friday . The stock traded as low as $10.79 and last traded at $10.90. 9,126,006 shares changed hands during trading, a decline of 76% from the average session volume of 38,217,086 shares. The stock had previously closed at $11.03.

Analyst Ratings Changes

A number of analysts have commented on RIVN shares. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. TD Cowen initiated coverage on Rivian Automotive in a research report on Friday. They issued a “hold” rating and a $12.70 target price for the company. Wedbush reissued an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a report on Friday, November 8th. Cantor Fitzgerald downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $13.00 to $15.00 in a report on Friday, February 21st. Finally, Guggenheim lowered their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, February 24th. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $14.78.

Rivian Automotive Price Performance

The stock has a fifty day moving average of $13.11 and a 200-day moving average of $12.38. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $12.64 billion, a P/E ratio of -2.37 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 18,501 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the transaction, the chief financial officer now directly owns 351,900 shares in the company, valued at $5,278,500. This represents a 4.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive 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 sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,784,877.65. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 275,357 shares of company stock worth $3,988,140. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RIVN. 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 purchasing an additional 17,341,786 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Rivian Automotive by 1.7% during 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 buying an additional 227,168 shares during the period. Capital International Investors bought a new stake in shares of Rivian Automotive in the 4th quarter valued at about $144,030,000. Norges Bank bought a new stake in Rivian Automotive in the fourth quarter valued at approximately $123,308,000. Finally, Soma Equity Partners LP increased its position in shares of Rivian Automotive by 19.9% in the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock valued at $112,865,000 after buying an additional 1,407,772 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.