Rivian Automotive (NASDAQ:RIVN) Stock Price Down 5.1%

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) were down 5.1% during mid-day trading on Monday . The stock traded as low as $8.65 and last traded at $8.66. Approximately 26,638,086 shares changed hands during trading, a decline of 38% from the average daily volume of 42,747,578 shares. The stock had previously closed at $9.13.

Analyst Ratings Changes

Several equities analysts have recently issued reports on RIVN shares. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $23.00 price target on shares of Rivian Automotive in a research note on Wednesday, April 3rd. Barclays decreased their price objective on shares of Rivian Automotive from $16.00 to $12.00 and set an "equal weight" rating for the company in a research report on Monday, February 26th. Morgan Stanley reduced their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an "overweight" rating for the company in a report on Thursday, April 4th. The Goldman Sachs Group reduced their price target on shares of Rivian Automotive from $20.00 to $17.00 and set a "neutral" rating for the company in a report on Thursday, January 25th. Finally, JPMorgan Chase & Co. cut shares of Rivian Automotive from a "neutral" rating to an "underweight" rating and reduced their price target for the stock from $20.00 to $11.00 in a report on Thursday, February 22nd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $19.87.

Rivian Automotive Trading Down 8.0 %

The stock's 50 day simple moving average is $12.12 and its two-hundred day simple moving average is $16.24. The stock has a market capitalization of $8.21 billion, a PE ratio of -1.46 and a beta of 1.88. 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 announced its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, beating the consensus estimate of ($1.67) by $0.09. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. On average, sell-side analysts expect that Rivian Automotive, Inc. will post -4.8 EPS for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the 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 owns 407,787 shares in the company, valued at $5,223,751.47. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Claire Mcdonough sold 2,946 shares of the 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 sale, the chief financial officer now owns 155,749 shares in the company, valued at $2,523,133.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kjell Gruner sold 19,935 shares of the stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. 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 90 days. Corporate insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently made changes to their positions in the business. Stifel Financial Corp raised its position in Rivian Automotive by 7.3% during the third quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker's stock valued at $6,997,000 after purchasing an additional 19,699 shares in the last quarter. CenterBook Partners LP purchased a new stake in Rivian Automotive during the third quarter valued at about $4,473,000. Atria Wealth Solutions Inc. raised its position in Rivian Automotive by 448.0% during the third quarter. Atria Wealth Solutions Inc. now owns 229,347 shares of the electric vehicle automaker's stock valued at $5,569,000 after purchasing an additional 187,495 shares in the last quarter. Morgan Stanley raised its position in 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 purchasing an additional 1,193,650 shares in the last quarter. Finally, Aigen Investment Management LP purchased a new stake in Rivian Automotive during the third quarter valued at about $1,806,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

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.