Rivian Automotive (NASDAQ:RIVN) Trading Down 2.7% - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded down 2.7% during mid-day trading on Wednesday . The stock traded as low as $14.22 and last traded at $14.46. 16,773,152 shares were traded during trading, a decline of 53% from the average session volume of 36,067,803 shares. The stock had previously closed at $14.87.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on RIVN shares. Jefferies Financial Group reaffirmed a "hold" rating and issued a $16.00 price target on shares of Rivian Automotive in a research report on Wednesday. Robert W. Baird reduced their price objective on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Cowen began coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They set a "hold" rating for the company. The Goldman Sachs Group reduced their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Finally, Stifel Nicolaus increased their target price on shares of Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a research note on Monday. Three analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $14.16.

Rivian Automotive Stock Performance

The firm's 50-day moving average price is $12.13 and its 200 day moving average price is $12.41. 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 company has a market cap of $16.92 billion, a price-to-earnings ratio of -3.17 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly 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. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction 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 sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 35,713 shares of the stock in a transaction on Monday, April 21st. The shares were sold at an average price of $11.46, for a total transaction of $409,270.98. Following the completion of the sale, the chief executive officer now owns 853,011 shares of the company's stock, valued at approximately $9,775,506.06. This represents a 4.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,154,905 over the last quarter. 2.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently modified their holdings of RIVN. Tandem Financial LLC bought a new position in shares of Rivian Automotive in the fourth quarter valued at about $25,000. PFS Partners LLC increased its position in Rivian Automotive by 1,882.0% during the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after acquiring an additional 1,882 shares during the period. Bank of Jackson Hole Trust bought a new position in Rivian Automotive during the fourth quarter worth about $27,000. Orion Capital Management LLC bought a new position in Rivian Automotive during the fourth quarter worth about $34,000. Finally, Bear Mountain Capital Inc. increased its position in Rivian Automotive by 208.0% during the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock worth $36,000 after acquiring an additional 1,932 shares during the period. 66.25% of the stock is owned by institutional investors.

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.

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