Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.3% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were down 1.3% during trading on Tuesday . The company traded as low as $12.05 and last traded at $12.03. Approximately 6,633,926 shares were traded during trading, a decline of 82% from the average daily volume of 36,980,596 shares. The stock had previously closed at $12.19.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Benchmark reiterated a “buy” rating and issued a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 18th. Sanford C. Bernstein began coverage on Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price target for the company. Robert W. Baird reissued a “neutral” rating and set a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Truist Financial raised their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Finally, Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $14.38.

Rivian Automotive Price Performance

The firm’s fifty day simple moving average is $12.38 and its 200-day simple moving average is $12.15. The firm has a market capitalization of $13.85 billion, a PE ratio of -2.58 and a beta of 2.03. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. On average, research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction that occurred on 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 in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,998 shares of company stock valued at $1,744,184 over the last ninety days. 2.51% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of large investors have recently added to or reduced their stakes in RIVN. Lansforsakringar Fondforvaltning AB publ bought a new position in shares of Rivian Automotive during the 4th quarter valued at $3,198,000. PKO Investment Management Joint Stock Co purchased a new stake in Rivian Automotive during the fourth quarter valued at $479,000. Siemens Fonds Invest GmbH bought a new position in Rivian Automotive in the fourth quarter valued at about $145,000. Gould Capital LLC boosted its position in Rivian Automotive by 87.6% in the fourth quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker’s stock worth $93,000 after purchasing an additional 3,280 shares during the last quarter. Finally, Parr Mcknight Wealth Management Group LLC purchased a new stake in shares of Rivian Automotive during the 4th quarter valued at about $206,000. 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.