Rivian Automotive (NASDAQ:RIVN) Trading Down 3%

Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report)’s share price traded down 3% during mid-day trading on Wednesday . The stock traded as low as $10.14 and last traded at $10.31. 10,157,732 shares were traded during trading, a decline of 76% from the average session volume of 41,917,715 shares. The stock had previously closed at $10.63.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $23.00 price target on shares of Rivian Automotive in a research note on Wednesday, April 3rd. The Goldman Sachs Group dropped their price target on shares of Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, January 25th. DA Davidson dropped their price target on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Bank of America dropped their price target on shares of Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, February 22nd. Finally, JPMorgan Chase & Co. downgraded shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $20.00 to $11.00 in a research note on Thursday, February 22nd. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $19.87.

Read Our Latest Stock Report on RIVN

Rivian Automotive Trading Down 6.8 %

The business’s 50 day moving average price is $12.38 and its two-hundred day moving average price is $16.52. The company has a market capitalization of $9.35 billion, a price-to-earnings ratio of -1.67 and a beta of 1.88. 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:RIVNGet Free Report) last released its earnings results 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 the consensus estimate of $1.28 billion. Equities analysts forecast that Rivian Automotive, Inc. will post -4.79 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of Rivian Automotive

Several large investors have recently modified their holdings of the company. Eaton Vance Management boosted its holdings in shares of Rivian Automotive by 6.8% during the 1st quarter. Eaton Vance Management now owns 7,843 shares of the electric vehicle automaker’s stock worth $394,000 after buying an additional 497 shares during the period. Gould Capital LLC boosted its holdings in shares of Rivian Automotive by 32.6% during the 2nd quarter. Gould Capital LLC now owns 2,035 shares of the electric vehicle automaker’s stock worth $34,000 after buying an additional 500 shares during the period. D.A. Davidson & CO. boosted its holdings in shares of Rivian Automotive by 9.1% during the 1st quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock worth $310,000 after buying an additional 515 shares during the period. Nissay Asset Management Corp Japan ADV boosted its holdings in shares of Rivian Automotive by 1.6% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 35,904 shares of the electric vehicle automaker’s stock worth $662,000 after buying an additional 577 shares during the period. Finally, Salem Investment Counselors Inc. raised its stake in Rivian Automotive by 1,329.5% during the 1st quarter. Salem Investment Counselors Inc. now owns 629 shares of the electric vehicle automaker’s stock valued at $32,000 after purchasing an additional 585 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Company Profile

(Get Free Report)

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.

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