Rivian Automotive (NASDAQ:RIVN) Stock Price Down 4.9% - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price traded down 4.9% during trading on Friday . The stock traded as low as $10.36 and last traded at $10.96. 14,339,653 shares were traded during trading, a decline of 61% from the average session volume of 37,169,511 shares. The stock had previously closed at $11.53.

Analysts Set New Price Targets

RIVN has been the topic of a number of recent research reports. Bank of America cut shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and cut their price objective for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Baird R W lowered Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Sanford C. Bernstein initiated coverage on Rivian Automotive in a report on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 target price on the stock. UBS Group raised their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a "neutral" rating in a report on Thursday, January 16th. Finally, TD Cowen assumed coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They issued a "hold" rating and a $12.70 price target on the stock. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $14.38.

Rivian Automotive Stock Down 3.7 %

The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a fifty day simple moving average of $12.07 and a 200-day simple moving average of $12.05. The firm has a market cap of $12.21 billion, a P/E ratio of -2.29 and a beta of 1.89.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. On average, equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the sale, the chief executive officer now owns 853,011 shares in the company, valued at $10,082,590.02. This trade represents a 7.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction 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 in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,998 shares of company stock valued at $1,433,468. Company insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Tandem Financial LLC bought a new position in Rivian Automotive during the fourth quarter valued at approximately $25,000. Bank of Jackson Hole Trust bought a new stake in Rivian Automotive in the 4th quarter worth approximately $27,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rivian Automotive during the 3rd quarter worth approximately $28,000. Orion Capital Management LLC bought a new position in shares of Rivian Automotive during the 4th quarter valued at approximately $34,000. Finally, Bear Mountain Capital Inc. grew its holdings in shares of Rivian Automotive by 208.0% in the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock valued at $36,000 after purchasing an additional 1,932 shares in the last quarter. 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.