Rivian Automotive (NASDAQ:RIVN) Shares Down 1.6% - What's Next?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price traded down 1.6% during trading on Wednesday . The company traded as low as $13.87 and last traded at $14.15. 9,710,694 shares changed hands during trading, a decline of 73% from the average session volume of 36,112,286 shares. The stock had previously closed at $14.37.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Mizuho raised their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Bank of America downgraded Rivian Automotive from a "neutral" rating to an "underperform" rating and reduced their price target for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Needham & Company LLC reduced their price target on Rivian Automotive from $17.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and set a $16.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 14th. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $14.33.

Rivian Automotive Stock Down 1.6%

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a market cap of $15.58 billion, a P/E ratio of -2.92 and a beta of 1.86. The firm has a 50-day simple moving average of $13.37 and a two-hundred day simple moving average of $12.93.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly 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. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $981.52 million. During the same quarter last year, the business earned ($1.48) earnings per share. Rivian Automotive's revenue was up 3.0% on a year-over-year basis. Equities research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive 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 sale, the chief financial officer now directly owns 824,875 shares of the company's stock, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $11.82, for a total value of $844,290.78. Following the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at $10,082,590.02. The trade was a 7.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 384,265 shares of company stock worth $5,201,750. Company insiders own 2.16% of the company's stock.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently made changes to their positions in RIVN. Modern Wealth Management LLC bought a new stake in Rivian Automotive in the first quarter valued at approximately $135,000. Strs Ohio bought a new stake in shares of Rivian Automotive in the 1st quarter valued at $1,180,000. GK Wealth Management LLC acquired a new stake in shares of Rivian Automotive during the first quarter worth $150,000. Geneos Wealth Management Inc. lifted its holdings in Rivian Automotive by 57.1% in the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker's stock valued at $64,000 after buying an additional 1,856 shares during the period. Finally, Belpointe Asset Management LLC boosted its position in Rivian Automotive by 9.0% during the first quarter. Belpointe Asset Management LLC now owns 19,225 shares of the electric vehicle automaker's stock valued at $239,000 after acquiring an additional 1,581 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.