Rivian Automotive (NASDAQ:RIVN) Trading Down 5.1%

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 5.1% on Monday . The stock traded as low as $8.65 and last traded at $8.66. 26,638,086 shares were traded during mid-day trading, a decline of 38% from the average session volume of 42,747,578 shares. The stock had previously closed at $9.13.

Analysts Set New Price Targets

Several brokerages have weighed in on RIVN. DA Davidson dropped their target price on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 target price on shares of Rivian Automotive in a research report on Wednesday, April 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $15.00 target price on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Mizuho reissued a “neutral” rating and set a $12.00 price objective on shares of Rivian Automotive in a report on Monday, March 25th. Finally, UBS Group raised Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price objective on the stock in a report on Tuesday. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Moderate Buy” and a consensus target price of $19.91.

Rivian Automotive Stock Up 3.7 %

The stock has a 50-day simple moving average of $11.98 and a 200 day simple moving average of $16.14. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping analysts’ consensus estimates of ($1.67) by $0.09. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. On average, equities research analysts forecast that Rivian Automotive, Inc. will post -4.8 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the sale, the chief financial officer now owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the sale, the chief financial officer now owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. Insiders have sold a total of 54,306 shares of company stock valued at $717,274 in the last 90 days. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently bought and sold shares of RIVN. Price T Rowe Associates Inc. MD boosted its stake in Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after purchasing an additional 25,550,489 shares in the last quarter. Moneta Group Investment Advisors LLC acquired a new position in Rivian Automotive in the fourth quarter worth $228,175,000. Norges Bank acquired a new position in Rivian Automotive in the fourth quarter worth $129,427,000. State Street Corp boosted its stake in Rivian Automotive by 145.5% in the third quarter. State Street Corp now owns 9,064,249 shares of the electric vehicle automaker’s stock worth $298,304,000 after purchasing an additional 5,371,852 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Rivian Automotive by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after purchasing an additional 4,467,881 shares in the last quarter. 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.