Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares fell 4.6% on Tuesday . The company traded as low as $10.85 and last traded at $10.98. 12,758,144 shares changed hands during trading, a decline of 67% from the average session volume of 38,385,328 shares. The stock had previously closed at $11.51.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on RIVN. Needham & Company LLC lifted their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. The Goldman Sachs Group lifted their price target on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a "neutral" rating in a research note on Thursday, November 14th. Barclays lifted their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 22nd. TD Cowen began coverage on shares of Rivian Automotive in a research note on Friday. They set a "hold" rating and a $12.70 price target on the stock. Finally, Wells Fargo & Company lifted their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Friday, February 21st. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $14.73.
Read Our Latest Report on Rivian Automotive
Rivian Automotive Price Performance
The stock has a market capitalization of $12.63 billion, a P/E ratio of -2.37 and a beta of 2.03. 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 company has a fifty day simple moving average of $13.06 and a two-hundred day simple moving average of $12.36.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $13.88, for a total value of $991,434.52. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at $11,983,450.68. This represents a 7.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the company's stock in a transaction dated 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 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. In the last three months, insiders sold 275,357 shares of company stock valued at $3,988,140. 2.51% of the stock is currently owned by insiders.
Institutional Trading of Rivian Automotive
Institutional investors and hedge funds have recently modified their holdings of the stock. Baillie Gifford & Co. increased its stake in Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker's stock worth $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Geode Capital Management LLC increased its stake in Rivian Automotive by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after purchasing an additional 227,168 shares in the last quarter. Capital International Investors bought a new stake in Rivian Automotive during the 4th quarter worth approximately $144,030,000. Norges Bank bought a new stake in Rivian Automotive during the 4th quarter worth approximately $123,308,000. Finally, Soma Equity Partners LP increased its stake in Rivian Automotive by 19.9% during the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock worth $112,865,000 after purchasing an additional 1,407,772 shares in the last quarter. 66.25% of the stock is 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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