Rivian Automotive (NASDAQ:RIVN) Trading Down 3.9% - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price traded down 3.9% during trading on Monday . The company traded as low as $13.13 and last traded at $13.29. 8,461,490 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 36,322,838 shares. The stock had previously closed at $13.83.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Cantor Fitzgerald lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and upped their target price for the stock from $13.00 to $15.00 in a research report on Friday, February 21st. Piper Sandler lowered shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and dropped their price objective for the company from $19.00 to $13.00 in a research note on Thursday, March 20th. Mizuho reduced their price objective on shares of Rivian Automotive from $11.00 to $10.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Truist Financial upped their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a report on Thursday, January 16th. Finally, Robert W. Baird cut their price target on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Rivian Automotive presently has a consensus rating of "Hold" and a consensus price target of $14.08.

Rivian Automotive Price Performance

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 business's fifty day moving average is $11.78 and its 200 day moving average is $12.25. The company has a market cap of $15.39 billion, a P/E ratio of -2.88 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results 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 firm had revenue of $1.73 billion for 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%. As a group, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction that occurred on 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 owns 853,011 shares of the company's stock, valued at $10,082,590.02. The trade was a 7.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the firm's stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock valued at $2,154,905 over the last three months. 2.51% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently bought and sold shares of the company. Tandem Financial LLC bought a new position in Rivian Automotive in the 4th quarter valued at $25,000. PFS Partners LLC boosted its stake 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 valued at $25,000 after buying an additional 1,882 shares during the period. Bank of Jackson Hole Trust purchased a new position in Rivian Automotive during the fourth quarter worth about $27,000. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive in the 3rd quarter worth about $28,000. Finally, Orion Capital Management LLC purchased a new stake in shares of Rivian Automotive in the 4th quarter valued at about $34,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

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.

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