Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares dropped 1.9% during trading on Wednesday . The company traded as low as $13.94 and last traded at $13.86. Approximately 10,320,114 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 32,859,110 shares. The stock had previously closed at $14.12.
Analyst Ratings Changes
A number of brokerages recently issued reports on RIVN. Cantor Fitzgerald reissued a "neutral" rating and issued a $15.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 7th. Stifel Nicolaus increased their price objective on Rivian Automotive from $16.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Wall Street Zen raised Rivian Automotive from a "sell" rating to a "hold" rating in a research report on Sunday, June 22nd. UBS Group raised their price target on Rivian Automotive from $12.00 to $13.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Finally, Jefferies Financial Group reissued a "hold" rating and issued a $16.00 price target on shares of Rivian Automotive in a report on Wednesday, May 14th. Three equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $14.38.
Read Our Latest Analysis on Rivian Automotive
Rivian Automotive Stock Performance
The firm's 50 day simple moving average is $14.07 and its 200-day simple moving average is $13.08. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73. The company has a market capitalization of $15.17 billion, a price-to-earnings ratio of -3.61 and a beta of 1.81.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, topping analysts' consensus estimates of ($0.80) by $0.23. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $981.52 million. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. Rivian Automotive's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.48) earnings per share. Analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.
Insider Transactions at Rivian Automotive
In related news, CEO Robert J. Scaringe sold 71,428 shares of the stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the sale, the chief executive officer owned 1,483,111 shares in the company, valued at approximately $22,780,584.96. This trade represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the transaction, the chief financial officer directly owned 824,875 shares of the company's stock, valued at $12,694,826.25. This trade represents a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 205,694 shares of company stock valued at $3,144,612 over the last 90 days. Corporate insiders own 2.16% of the company's stock.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in RIVN. PFS Partners LLC increased its holdings in shares of Rivian Automotive by 1,882.0% in the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after purchasing an additional 1,882 shares in the last quarter. Banque Transatlantique SA boosted its position in shares of Rivian Automotive by 13,194.1% during the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock worth $26,000 after purchasing an additional 2,243 shares in the last quarter. Orion Capital Management LLC acquired a new stake in shares of Rivian Automotive during the fourth quarter worth $34,000. WPG Advisers LLC acquired a new stake in shares of Rivian Automotive during the first quarter worth $34,000. Finally, Olde Wealth Management LLC acquired a new stake in Rivian Automotive in the 1st quarter valued at $37,000. Institutional investors and hedge funds own 66.25% of the company's stock.
Rivian Automotive Company Profile
(
Get Free Report)
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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