Rivian Automotive (NASDAQ:RIVN) Stock Price Down 3.1% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was down 3.1% during mid-day trading on Monday . The company traded as low as $11.69 and last traded at $12.03. Approximately 11,542,823 shares were traded during trading, a decline of 69% from the average daily volume of 37,030,883 shares. The stock had previously closed at $12.41.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on RIVN shares. Robert W. Baird reissued a “neutral” rating and issued a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Sanford C. Bernstein assumed coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target on the stock. Bank of America lowered Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. Benchmark reissued a “buy” rating and set a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 18th. Finally, Piper Sandler downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $19.00 to $13.00 in a research note on Thursday, March 20th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a fifty day simple moving average of $12.22 and a 200 day simple moving average of $12.11. The company has a market capitalization of $15.02 billion, a PE ratio of -2.81 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the firm’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 sale, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,879,847.36. The trade was a 3.97 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,427 shares of company stock valued at $2,588,475. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently made changes to their positions in the business. Tandem Financial LLC purchased a new stake in shares of Rivian Automotive during the fourth quarter worth about $25,000. Bank of Jackson Hole Trust purchased a new stake in Rivian Automotive during the 4th quarter worth approximately $27,000. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive during the 3rd quarter valued at approximately $28,000. Hantz Financial Services Inc. increased its stake in Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after purchasing an additional 2,900 shares in the last quarter. Finally, Orion Capital Management LLC purchased a new position in shares of Rivian Automotive in the fourth quarter worth $34,000. Institutional investors and hedge funds 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.