Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2% - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price dropped 2% during mid-day trading on Friday . The stock traded as low as $13.61 and last traded at $13.64. Approximately 5,755,855 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 34,603,471 shares. The stock had previously closed at $13.91.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Guggenheim restated a "buy" rating and issued a $16.00 target price on shares of Rivian Automotive in a research note on Tuesday, May 6th. Jefferies Financial Group reiterated a "hold" rating and issued a $16.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 14th. JPMorgan Chase & Co. lowered their price objective on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $15.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 7th. Finally, UBS Group increased their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Three analysts have rated the stock with a sell rating, nineteen have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $14.33.

Rivian Automotive Price Performance

The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71. The firm's fifty day moving average price is $14.05 and its two-hundred day moving average price is $13.18. The stock has a market capitalization of $15.41 billion, a PE ratio of -3.66 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, topping analysts' consensus estimates of ($0.80) by $0.23. The business had revenue of $1.24 billion during 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%. The firm's revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.48) EPS. On average, equities analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $9,596,373.75. This trade represents a 7.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 9,937 shares of Rivian Automotive stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $15.00, for a total transaction of $149,055.00. Following the transaction, the chief financial officer now owns 851,637 shares in the company, valued at $12,774,555. This represents a 1.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold 312,836 shares of company stock valued at $4,357,459 over the last 90 days. Company insiders own 2.16% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently modified their holdings of the stock. Modern Wealth Management LLC bought a new stake in Rivian Automotive during the first quarter valued at about $135,000. Strs Ohio purchased a new position in shares of Rivian Automotive during the 1st quarter valued at about $1,180,000. GK Wealth Management LLC bought a new position in shares of Rivian Automotive during the 1st quarter valued at approximately $150,000. Geneos Wealth Management Inc. increased its holdings in Rivian Automotive by 57.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker's stock worth $64,000 after acquiring an additional 1,856 shares in the last quarter. Finally, Belpointe Asset Management LLC raised its stake in Rivian Automotive by 9.0% during the 1st quarter. Belpointe Asset Management LLC now owns 19,225 shares of the electric vehicle automaker's stock worth $239,000 after acquiring an additional 1,581 shares during the period. 66.25% of the stock is currently 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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