Rivian Automotive (NASDAQ:RIVN) Shares Down 2.8%

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price dropped 2.8% during mid-day trading on Tuesday . The company traded as low as $9.02 and last traded at $9.12. Approximately 5,125,862 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 41,735,984 shares. The stock had previously closed at $9.38.

Analysts Set New Price Targets

A number of equities analysts recently commented on RIVN shares. Wolfe Research reiterated a "peer perform" rating on shares of Rivian Automotive in a research note on Thursday, January 4th. JPMorgan Chase & Co. downgraded Rivian Automotive from a "neutral" rating to an "underweight" rating and lowered their price target for the company from $20.00 to $11.00 in a report on Thursday, February 22nd. Barclays reduced their price objective on Rivian Automotive from $12.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Friday, April 19th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $15.00 target price on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Finally, Stifel Nicolaus reduced their price target on shares of Rivian Automotive from $23.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $19.61.

Rivian Automotive Trading Down 5.1 %

The firm has a market capitalization of $8.70 billion, a price-to-earnings ratio of -1.55 and a beta of 1.88. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48. The firm's 50 day moving average is $10.55 and its 200 day moving average is $15.33.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.67) by $0.09. The company had revenue of $1.32 billion for the quarter, compared to analysts' expectations 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 forecast that Rivian Automotive, Inc. will post -4.76 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of the business's stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the sale, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The transaction was disclosed in a filing with the SEC, which is available through this link. In other 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 value of $255,367.35. Following the completion of the sale, the insider now owns 407,787 shares in the company, valued at $5,223,751.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the firm's stock in a transaction on Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the sale, the chief accounting officer now directly owns 52,415 shares of the company's stock, valued at approximately $690,829.70. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock worth $717,274 in the last quarter. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently bought and sold shares of RIVN. Private Trust Co. NA lifted its position in Rivian Automotive by 2,117.6% in the 3rd quarter. Private Trust Co. NA now owns 1,885 shares of the electric vehicle automaker's stock worth $46,000 after buying an additional 1,800 shares in the last quarter. UMB Bank n.a. boosted its position in Rivian Automotive by 61.6% during the third quarter. UMB Bank n.a. now owns 3,038 shares of the electric vehicle automaker's stock valued at $74,000 after purchasing an additional 1,158 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in Rivian Automotive by 18.7% in the third quarter. Commonwealth Equity Services LLC now owns 215,885 shares of the electric vehicle automaker's stock valued at $5,242,000 after purchasing an additional 34,044 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in Rivian Automotive by 5.5% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 159,600 shares of the electric vehicle automaker's stock valued at $3,875,000 after purchasing an additional 8,300 shares in the last quarter. Finally, Busey Trust CO increased its position in Rivian Automotive by 60.3% in the 3rd quarter. Busey Trust CO now owns 17,885 shares of the electric vehicle automaker's stock worth $434,000 after purchasing an additional 6,729 shares during the last quarter. 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.