Rivian Automotive (NASDAQ:RIVN) Stock Price Down 4.9% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price fell 4.9% during trading on Friday . The company 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.

Analysts Set New Price Targets

A number of analysts have commented on RIVN shares. Needham & Company LLC upped their price target on Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Truist Financial upped their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Wells Fargo & Company raised 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. Barclays upped their price objective on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 22nd. Finally, Guggenheim lowered their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $14.38.

Rivian Automotive Stock Down 2.8 %

The business’s 50 day moving average is $12.20 and its 200 day moving average is $12.11. The company has a market cap of $12.68 billion, a P/E ratio of -2.37 and a beta of 2.03. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate 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 firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. As a group, equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 35,713 shares of the business’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 owns 863,361 shares of the company’s stock, valued at approximately $11,879,847.36. The trade was a 3.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 185,427 shares of company stock valued at $2,588,475. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Capital International Investors acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $144,030,000. Norges Bank purchased a new position in Rivian Automotive during the fourth quarter worth about $123,308,000. Northern Trust Corp increased 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 valued at $96,275,000 after acquiring an additional 2,941,928 shares during the last quarter. Twinbeech Capital LP purchased a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $29,944,000. Finally, Groupama Asset Managment acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $26,600,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.