Rivian Automotive (NASDAQ:RIVN) Shares Down 2.2%

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares traded down 2.2% on Tuesday . The company traded as low as $9.98 and last traded at $10.05. 9,352,700 shares were traded during mid-day trading, a decline of 78% from the average session volume of 42,357,539 shares. The stock had previously closed at $10.28.

Analysts Set New Price Targets

RIVN has been the topic of a number of research analyst reports. Barclays cut their target price on shares of Rivian Automotive from $12.00 to $10.00 and set an "equal weight" rating on the stock in a research report on Friday, April 19th. DA Davidson cut their price target 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. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $15.00 price objective on shares of Rivian Automotive in a research note on Tuesday, April 2nd. 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 lowered their price objective on shares of Rivian Automotive from $30.00 to $23.00 and set an "outperform" rating on the stock 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 assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $19.00.

Rivian Automotive Stock Down 2.2 %

The firm has a market capitalization of $10.00 billion, a PE ratio of -1.74 and a beta of 1.91. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. The company's 50 day simple moving average is $10.10 and its 200-day simple moving average is $14.59.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping analysts' consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. On average, analysts forecast that Rivian Automotive, Inc. will post -4.96 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Jeff Baker sold 31,425 shares of the firm'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 transaction, the chief accounting officer now directly owns 52,415 shares of the company's stock, valued at $690,829.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Kjell Gruner sold 19,935 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the insider now owns 407,787 shares in the company, valued at $5,223,751.47. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Jeff Baker sold 31,425 shares of the business's stock in a transaction on Monday, March 11th. The shares were sold at an average price of $13.18, for a total transaction 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 disclosure for this sale can be found here. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Teacher Retirement System of Texas grew its stake in shares of Rivian Automotive by 3.8% in the 3rd quarter. Teacher Retirement System of Texas now owns 50,524 shares of the electric vehicle automaker's stock worth $1,227,000 after buying an additional 1,870 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Rivian Automotive by 60.9% in the 3rd quarter. Daiwa Securities Group Inc. now owns 57,187 shares of the electric vehicle automaker's stock worth $1,389,000 after purchasing an additional 21,646 shares in the last quarter. Csenge Advisory Group bought a new position in shares of Rivian Automotive in the third quarter worth about $203,000. Principal Financial Group Inc. increased its holdings in Rivian Automotive by 35.4% in the 3rd quarter. Principal Financial Group Inc. now owns 52,059 shares of the electric vehicle automaker's stock worth $1,264,000 after acquiring an additional 13,617 shares in the last quarter. Finally, California Public Employees Retirement System raised its position in shares of Rivian Automotive by 28.3% during the 3rd quarter. California Public Employees Retirement System now owns 976,594 shares of the electric vehicle automaker's stock valued at $23,712,000 after purchasing an additional 215,405 shares during the period. 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.