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

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

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of recent analyst reports. Jefferies Financial Group reiterated a "hold" rating and set a $16.00 price target on shares of Rivian Automotive in a report on Wednesday. Sanford C. Bernstein initiated coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 price target on the stock. Robert W. Baird dropped their price target on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. TD Cowen initiated coverage on Rivian Automotive in a report on Friday, March 7th. They set a "hold" rating and a $12.70 price target on the stock. Finally, Bank of America lowered Rivian Automotive from a "neutral" rating to an "underperform" rating and dropped their price target for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Three equities research 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. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $14.24.

Rivian Automotive Stock Up 3.3%

The stock has a market capitalization of $17.88 billion, a P/E ratio of -3.35 and a beta of 1.86. The stock has a fifty day moving average price of $12.39 and a 200 day moving average price of $12.51. 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 posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. On average, research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. The trade was a 2.01% 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, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $11.82, for a total value of $844,290.78. Following the completion of the transaction, the chief executive officer now owns 853,011 shares in the company, valued at approximately $10,082,590.02. This represents a 7.73% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 195,364 shares of company stock worth $2,303,960. Company insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RIVN. Oak Thistle LLC purchased a new position in Rivian Automotive during the 4th quarter valued at about $316,000. Assenagon Asset Management S.A. increased its holdings in Rivian Automotive by 21.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 59,385 shares of the electric vehicle automaker's stock valued at $790,000 after purchasing an additional 10,408 shares during the period. HB Wealth Management LLC boosted its position in Rivian Automotive by 174.9% during the 4th quarter. HB Wealth Management LLC now owns 63,274 shares of the electric vehicle automaker's stock valued at $842,000 after acquiring an additional 40,256 shares in the last quarter. Udine Wealth Management Inc. bought a new stake in Rivian Automotive during the 4th quarter valued at approximately $1,031,000. Finally, Clarius Group LLC boosted its position in Rivian Automotive by 25.3% during the 4th quarter. Clarius Group LLC now owns 47,679 shares of the electric vehicle automaker's stock valued at $634,000 after acquiring an additional 9,633 shares in the last quarter. Hedge funds and other 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.