Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares traded down 3.8% during mid-day trading on Monday . The stock traded as low as $12.53 and last traded at $12.58. 11,388,112 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 33,579,361 shares. The stock had previously closed at $13.07.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on the company. Robert W. Baird cut 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. Piper Sandler lifted their price objective on Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Cantor Fitzgerald reissued a "neutral" rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Wednesday, May 7th. JPMorgan Chase & Co. lowered their target price on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Finally, Stifel Nicolaus lifted their target price on Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Three investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $14.38.
Get Our Latest Report on Rivian Automotive
Rivian Automotive Trading Up 0.5%
The company has a debt-to-equity ratio of 0.71, a current ratio of 3.73 and a quick ratio of 2.80. The stock has a market capitalization of $14.93 billion, a price-to-earnings ratio of -3.55 and a beta of 1.81. The business has a 50 day simple moving average of $14.22 and a 200-day simple moving average of $13.13.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $981.52 million. During the same period in the previous year, the firm earned ($1.48) earnings per share. The company's revenue was up 3.0% on a year-over-year basis. As a group, equities analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.
Insider Transactions at Rivian Automotive
In other news, CEO Robert J. Scaringe sold 107,144 shares of the business's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $15.25, for a total value of $1,633,946.00. Following the sale, the chief executive officer directly owned 1,483,111 shares in the company, valued at $22,617,442.75. The trade was a 6.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 17,185 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the sale, the chief financial officer owned 824,875 shares in the company, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 241,407 shares of company stock valued at $3,553,883. Insiders own 2.16% of the company's stock.
Institutional Trading of Rivian Automotive
A number of institutional investors have recently modified their holdings of the company. Parallel Advisors LLC lifted its holdings in shares of Rivian Automotive by 59.5% in the second quarter. Parallel Advisors LLC now owns 16,662 shares of the electric vehicle automaker's stock valued at $229,000 after purchasing an additional 6,217 shares in the last quarter. Modern Wealth Management LLC bought a new stake in shares of Rivian Automotive in the first quarter valued at about $135,000. Strs Ohio bought a new stake in shares of Rivian Automotive in the first quarter valued at about $1,180,000. GK Wealth Management LLC bought a new stake in shares of Rivian Automotive in the first quarter valued at about $150,000. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of 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 purchasing an additional 1,856 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.
About Rivian Automotive
(
Get Free Report)
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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