Rivian Automotive (NASDAQ:RIVN) Shares Down 4.9%

Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report) shares traded down 4.9% during trading on Thursday . The company traded as low as $10.41 and last traded at $10.48. 8,218,954 shares changed hands during trading, a decline of 79% from the average session volume of 39,964,000 shares. The stock had previously closed at $11.02.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on RIVN shares. JPMorgan Chase & Co. cut Rivian Automotive from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $20.00 to $11.00 in a report on Thursday, February 22nd. Cantor Fitzgerald restated an “overweight” rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Monday. Jefferies Financial Group initiated coverage on shares of Rivian Automotive in a research report on Thursday, March 7th. They set a “buy” rating and a $16.00 target price for the company. UBS Group upgraded shares of Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price target on the stock in a research report on Tuesday, April 16th. Finally, Piper Sandler raised shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $15.00 to $21.00 in a report on Friday, March 15th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.00.

Check Out Our Latest Research Report on Rivian Automotive

Rivian Automotive Stock Performance

The stock has a market cap of $10.42 billion, a P/E ratio of -1.80 and a beta of 2.01. The stock has a fifty day simple moving average of $10.20 and a 200-day simple moving average of $13.78. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last released its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. Equities analysts expect that Rivian Automotive, Inc. will post -4.96 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,452,349.59. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently modified their holdings of the company. Stifel Financial Corp grew its position in Rivian Automotive by 7.3% in the third quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock valued at $6,997,000 after purchasing an additional 19,699 shares in the last quarter. Morgan Stanley grew its holdings in shares of 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 acquiring an additional 1,193,650 shares in the last quarter. Trust Point Inc. acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at about $246,000. Sapient Capital LLC acquired a new position in Rivian Automotive during the fourth quarter valued at approximately $330,000. Finally, Gradient Investments LLC grew its stake in Rivian Automotive by 72.4% in the fourth quarter. Gradient Investments LLC now owns 2,463 shares of the electric vehicle automaker’s stock valued at $58,000 after purchasing an additional 1,034 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

About Rivian Automotive

(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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