Rivian Automotive (NASDAQ:RIVN) Trading Down 2.8%

Rivian Automotive, Inc. (NASDAQ:RIVN) was down 2.8% during trading on Tuesday . The stock traded as low as $9.02 and last traded at $9.12. Approximately 5,125,862 shares were traded during trading, a decline of 88% from the average daily volume of 41,735,984 shares. The stock had previously closed at $9.38.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on RIVN shares. DA Davidson cut their target price 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. Wolfe Research reiterated a “peer perform” rating on shares of Rivian Automotive in a report on Thursday, January 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price objective on shares of Rivian Automotive in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. lowered Rivian Automotive from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $20.00 to $11.00 in a research report on Thursday, February 22nd. Finally, Robert W. Baird reduced their price objective on Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating for the company in a report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Moderate Buy” and an average price target of $19.61.

Rivian Automotive Trading Down 5.1 %

The firm has a 50 day simple moving average of $10.69 and a 200 day simple moving average of $15.41. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $8.70 billion, a PE ratio of -1.59 and a beta of 1.88.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its stake in Rivian Automotive by 35.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after acquiring an additional 25,550,489 shares during the period. Vanguard Group Inc. grew its holdings in Rivian Automotive by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after buying an additional 4,467,881 shares in the last quarter. Morgan Stanley raised its position in shares of Rivian Automotive by 14.0% during the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after buying an additional 1,193,650 shares during the last quarter. Norges Bank bought a new position in shares of Rivian Automotive during the fourth quarter worth $129,427,000. Finally, Northern Trust Corp grew its stake in Rivian Automotive by 14.8% during the third quarter. Northern Trust Corp now owns 4,235,291 shares of the electric vehicle automaker’s stock valued at $102,833,000 after acquiring an additional 544,588 shares in the last quarter. Institutional investors 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.