Rivian Automotive (NASDAQ:RIVN) Trading Down 1.3% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were down 1.3% on Tuesday . The stock traded as low as $12.05 and last traded at $12.03. Approximately 6,633,926 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 36,980,596 shares. The stock had previously closed at $12.19.

Analyst Ratings Changes

RIVN has been the topic of several analyst reports. Truist Financial lifted their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Wells Fargo & Company boosted their price target on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Friday, February 21st. TD Cowen began coverage on Rivian Automotive in a research note on Friday, March 7th. They issued a “hold” rating and a $12.70 price objective on the stock. Benchmark reiterated a “buy” rating and set a $18.00 price objective on shares of Rivian Automotive in a research note on Tuesday, March 18th. Finally, Cowen began coverage on shares of Rivian Automotive in a report on Thursday, March 6th. They set a “hold” rating on the stock. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $14.38.

Rivian Automotive Stock Up 0.5 %

The business has a 50-day moving average price of $12.38 and a 200 day moving average price of $12.15. The stock has a market capitalization of $13.85 billion, a P/E ratio of -2.58 and a beta of 2.03. 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) last issued 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. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, equities analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,879,847.36. The trade was a 3.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 113,998 shares of company stock worth $1,744,184 over the last ninety days. Company insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in shares of Rivian Automotive by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock valued at $175,639,000 after buying an additional 227,168 shares during the period. Capital International Investors purchased a new position in Rivian Automotive during the 4th quarter valued at $144,030,000. Norges Bank bought a new position in Rivian Automotive in the 4th quarter valued at $123,308,000. Soma Equity Partners LP increased its stake in Rivian Automotive by 19.9% in 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 during the period. Finally, Northern Trust Corp lifted its position in shares of Rivian Automotive by 68.5% during the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock worth $96,275,000 after purchasing an additional 2,941,928 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors.

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.