Rivian Automotive (NASDAQ:RIVN) Hits New 12-Month Low at $9.88

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $9.88 and last traded at $9.93, with a volume of 9423784 shares traded. The stock had previously closed at $10.27.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on RIVN shares. Mizuho reissued a "neutral" rating and issued a $12.00 price target on shares of Rivian Automotive in a report on Monday, March 25th. 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 note on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $15.00 target price on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Needham & Company LLC cut their target price on shares of Rivian Automotive from $22.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday, February 22nd. Finally, Wells Fargo & Company cut their target price on shares of Rivian Automotive from $18.00 to $14.00 and set an "equal weight" rating on the stock in a research note on Thursday, February 22nd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $19.87.

Rivian Automotive Trading Down 6.8 %

The company has a market cap of $9.35 billion, a P/E ratio of -1.67 and a beta of 1.88. The stock's 50-day moving average is $12.38 and its two-hundred day moving average is $16.52. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, beating analysts' consensus estimates of ($1.67) by $0.09. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. As a group, equities research analysts predict that Rivian Automotive, Inc. will post -4.79 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the transaction, the chief accounting officer now directly owns 52,415 shares in the company, valued at $690,829.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the transaction, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jeff Baker sold 31,425 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the transaction, the chief accounting officer now owns 52,415 shares in the company, valued at $690,829.70. The disclosure for this sale can be found here. Insiders have sold a total of 54,306 shares of company stock worth $717,274 over the last quarter. Company insiders own 2.30% of the company's stock.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently modified their holdings of RIVN. Sunbelt Securities Inc. increased its stake in shares of Rivian Automotive by 195.0% in the second quarter. Sunbelt Securities Inc. now owns 1,475 shares of the electric vehicle automaker's stock worth $25,000 after purchasing an additional 975 shares in the last quarter. Bear Mountain Capital Inc. purchased a new stake in shares of Rivian Automotive in the fourth quarter worth $26,000. Ancora Advisors LLC purchased a new stake in shares of Rivian Automotive in the third quarter worth $27,000. MCF Advisors LLC increased its stake in shares of Rivian Automotive by 396.8% in the third quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker's stock worth $30,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Resurgent Financial Advisors LLC purchased a new stake in shares of Rivian Automotive in the fourth quarter worth $30,000. 66.25% of the stock is owned by hedge funds and other 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.