Rivian Automotive (NASDAQ:RIVN) Shares Down 3.6%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price dropped 3.6% during trading on Thursday . The stock traded as low as $8.50 and last traded at $8.52. Approximately 6,998,406 shares were traded during trading, a decline of 83% from the average daily volume of 42,312,238 shares. The stock had previously closed at $8.84.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RIVN. DA Davidson reduced their price target on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. The Goldman Sachs Group lowered their price target on Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, January 25th. Stifel Nicolaus reduced their price objective on Rivian Automotive from $23.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, February 26th. UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 target price for the company in a research note on Tuesday, April 16th. Finally, Bank of America reduced their price target on Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.61.

Rivian Automotive Stock Down 3.6 %

The firm has a market cap of $8.33 billion, a price-to-earnings ratio of -1.48 and a beta of 1.88. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48. The stock’s 50 day moving average is $11.13 and its 200 day moving average is $15.65.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Analysts forecast that Rivian Automotive, Inc. will post -4.76 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the sale, the insider now directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the sale, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The disclosure for this sale can be found here. In the last three months, insiders sold 54,306 shares of company stock valued at $717,274. 2.30% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. raised its holdings in shares of Rivian Automotive by 8.2% during the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock valued at $201,000 after acquiring an additional 651 shares during the period. Moneta Group Investment Advisors LLC raised its stake in Rivian Automotive by 5.3% during the 3rd quarter. Moneta Group Investment Advisors LLC now owns 13,335 shares of the electric vehicle automaker’s stock valued at $324,000 after purchasing an additional 668 shares during the period. Laidlaw Wealth Management LLC lifted its holdings in shares of Rivian Automotive by 7.5% in the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock valued at $241,000 after purchasing an additional 718 shares in the last quarter. Jamison Private Wealth Management Inc. boosted its position in shares of Rivian Automotive by 10.8% in the fourth quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock worth $175,000 after buying an additional 727 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its holdings in shares of Rivian Automotive by 13.7% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 6,416 shares of the electric vehicle automaker’s stock valued at $156,000 after buying an additional 775 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.