Rivian Automotive (NASDAQ:RIVN) Shares Down 2.9%

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price traded down 2.9% on Friday . The stock traded as low as $9.84 and last traded at $9.92. 12,123,232 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 42,314,441 shares. The stock had previously closed at $10.22.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Needham & Company LLC reissued a "buy" rating and set a $13.00 target price on shares of Rivian Automotive in a research note on Wednesday. UBS Group upgraded Rivian Automotive from a "sell" rating to a "neutral" rating and set a $9.00 price target on the stock in a report on Tuesday, April 16th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $15.00 target price on shares of Rivian Automotive in a research report on Tuesday, April 2nd. DA Davidson reduced their price target on shares of Rivian Automotive from $19.00 to $17.00 and set a "neutral" rating for the company in a research report on Thursday, February 22nd. Finally, Bank of America lowered their price objective on shares of Rivian Automotive from $40.00 to $25.00 and set a "buy" rating on the stock in a report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Rivian Automotive has an average rating of "Moderate Buy" and a consensus price target of $19.00.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The stock has a market capitalization of $9.76 billion, a PE ratio of -1.74 and a beta of 1.91. The business has a 50 day moving average price of $10.33 and a 200 day moving average price of $14.97.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) 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%. As a group, equities research analysts expect that Rivian Automotive, Inc. will post -4.77 earnings per share for the current year.

Insider Activity

In other news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now directly owns 155,749 shares of the company's stock, valued at approximately $2,523,133.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Kjell Gruner sold 19,935 shares of the firm's stock in a transaction that occurred 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 directly owns 407,787 shares of the company's stock, valued at $5,223,751.47. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction 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 approximately $2,523,133.80. The disclosure for this sale can be found here. Insiders sold a total of 54,306 shares of company stock valued at $717,274 in the last 90 days. Company insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently bought and sold shares of the company. Commonwealth Equity Services LLC increased its stake in Rivian Automotive by 18.7% during the 3rd 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. Cambridge Investment Research Advisors Inc. increased its position in shares of Rivian Automotive by 2.8% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 101,040 shares of the electric vehicle automaker's stock valued at $2,453,000 after acquiring an additional 2,724 shares during the period. Raymond James & Associates raised its stake in Rivian Automotive by 1.2% in the 3rd quarter. Raymond James & Associates now owns 239,852 shares of the electric vehicle automaker's stock worth $5,824,000 after acquiring an additional 2,947 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in Rivian Automotive by 22.3% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 271,029 shares of the electric vehicle automaker's stock valued at $6,581,000 after purchasing an additional 49,373 shares during the last quarter. Finally, Stratos Wealth Partners LTD. acquired a new position in shares of Rivian Automotive in the third quarter valued at about $288,000. 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.

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