Rivian Automotive (NASDAQ:RIVN) Stock Price Down 3.6%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price fell 3.6% on Thursday . The company traded as low as $8.50 and last traded at $8.52. 6,998,406 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 42,312,238 shares. The stock had previously closed at $8.84.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RIVN. Morgan Stanley lowered their price objective on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a research report on Thursday, April 4th. Stifel Nicolaus lowered their price objective on Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, February 26th. Evercore ISI lowered their price objective on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating for the company in a research report on Thursday, February 22nd. Wolfe Research reaffirmed a “peer perform” rating on shares of Rivian Automotive in a research report on Thursday, January 4th. Finally, JPMorgan Chase & Co. cut Rivian Automotive from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $20.00 to $11.00 in a research report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.61.

Rivian Automotive Stock Up 6.1 %

The firm has a market cap of $8.84 billion, a price-to-earnings ratio of -1.57 and a beta of 1.88. The business’s 50 day moving average price is $10.83 and its 200 day moving average price is $15.53. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95.

Rivian Automotive (NASDAQ:RIVN) last issued 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. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. On average, equities analysts forecast that Rivian Automotive, Inc. will post -4.76 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive 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 sale, the insider now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the sale, the insider now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction on Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the sale, the chief accounting officer now directly owns 52,415 shares in the company, valued at approximately $690,829.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,306 shares of company stock valued at $717,274. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its holdings in shares of Rivian Automotive by 35.7% during the 4th 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 acquiring an additional 25,550,489 shares during the period. Vanguard Group Inc. raised its holdings in Rivian Automotive by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after buying an additional 4,467,881 shares during the period. Morgan Stanley raised its holdings in Rivian Automotive by 14.0% in the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after buying an additional 1,193,650 shares during the period. Norges Bank purchased a new stake in Rivian Automotive in the 4th quarter valued at about $129,427,000. Finally, Northern Trust Corp raised its holdings in Rivian Automotive by 14.8% in the 3rd quarter. Northern Trust Corp now owns 4,235,291 shares of the electric vehicle automaker’s stock valued at $102,833,000 after buying an additional 544,588 shares during the period. 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.