Rivian Automotive (NASDAQ:RIVN) Shares Down 0.1% - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price fell 0.1% on Tuesday . The stock traded as low as $12.93 and last traded at $13.18. 8,005,770 shares changed hands during trading, a decline of 78% from the average session volume of 36,400,646 shares. The stock had previously closed at $13.19.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of analyst reports. Bank of America lowered shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and lowered their target price for the stock from $13.00 to $10.00 in a report on Monday, February 24th. JPMorgan Chase & Co. reduced their target price on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Needham & Company LLC lifted their price objective on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 price target on the stock. Finally, TD Cowen started coverage on shares of Rivian Automotive in a report on Friday, March 7th. They issued a "hold" rating and a $12.70 price target for the company. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, Rivian Automotive currently has a consensus rating of "Hold" and an average price target of $14.08.

Rivian Automotive Stock Up 0.3 %

The company has a 50 day moving average of $11.74 and a 200-day moving average of $12.19. The company has a market capitalization of $15.61 billion, a P/E ratio of -2.93 and a beta of 1.89. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

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

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the company's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now owns 853,011 shares of the company's stock, valued at approximately $9,596,373.75. This represents a 7.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,427 shares of company stock worth $2,154,905. Corporate insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Tandem Financial LLC purchased a new stake in Rivian Automotive in the 4th quarter worth $25,000. PFS Partners LLC boosted its stake in Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after purchasing an additional 1,882 shares during the period. Bank of Jackson Hole Trust purchased a new stake in Rivian Automotive during the 4th quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Rivian Automotive during the third quarter valued at approximately $28,000. Finally, Orion Capital Management LLC purchased a new position in shares of Rivian Automotive in the fourth quarter worth $34,000. 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.