Rivian Automotive (NASDAQ:RIVN) Trading Down 4.6% - What's Next?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded down 4.6% during mid-day trading on Tuesday . The stock traded as low as $10.85 and last traded at $10.98. 12,758,144 shares changed hands during trading, a decline of 67% from the average session volume of 38,385,328 shares. The stock had previously closed at $11.51.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Piper Sandler lowered their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating for the company in a research report on Friday, November 8th. The Goldman Sachs Group increased their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a "neutral" rating in a research report on Thursday, November 14th. Needham & Company LLC increased their price objective on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a "buy" rating in a research report on Friday, February 21st. Guggenheim lowered their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Monday, February 24th. Finally, Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 price objective for the company. Three investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $14.78.

Rivian Automotive Stock Up 1.3 %

The firm has a market cap of $12.63 billion, a P/E ratio of -2.37 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm's fifty day moving average is $13.11 and its 200 day moving average is $12.38.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. As a group, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company's stock, valued at $11,784,877.65. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 275,357 shares of company stock valued at $3,988,140 in the last quarter. Company insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its position in Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock worth $51,693,000 after purchasing an additional 2,035,831 shares in the last quarter. Mizuho Markets Americas LLC increased its position in Rivian Automotive by 30.7% during the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker's stock worth $5,964,000 after purchasing an additional 124,950 shares in the last quarter. SG Americas Securities LLC increased its position in Rivian Automotive by 42.7% during the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock worth $2,404,000 after purchasing an additional 54,053 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in Rivian Automotive during the 4th quarter worth approximately $1,382,000. Finally, Alberta Investment Management Corp acquired a new position in Rivian Automotive during the 4th quarter worth approximately $6,648,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.