Rivian Automotive (NASDAQ:RIVN) Stock Price Down 4.9% – What’s Next?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 4.9% on Friday . The company traded as low as $10.36 and last traded at $10.96. Approximately 14,339,653 shares traded hands during trading, a decline of 61% from the average daily volume of 37,169,511 shares. The stock had previously closed at $11.53.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RIVN. Robert W. Baird reissued a “neutral” rating and issued a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. UBS Group raised their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. Guggenheim decreased their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Barclays lifted their price objective on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 22nd. Finally, Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Trading Down 2.8 %

The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm’s 50 day moving average price is $12.17 and its 200 day moving average price is $12.09. The stock has a market capitalization of $12.68 billion, a P/E ratio of -2.37 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. As a group, equities research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,427 shares of company stock valued at $2,588,475. 2.51% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cerity Partners LLC lifted its holdings in shares of Rivian Automotive by 38.0% during the third quarter. Cerity Partners LLC now owns 61,927 shares of the electric vehicle automaker’s stock valued at $695,000 after purchasing an additional 17,039 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Rivian Automotive by 6.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 76,651 shares of the electric vehicle automaker’s stock valued at $860,000 after acquiring an additional 4,338 shares during the period. Townsquare Capital LLC bought a new stake in shares of Rivian Automotive in the third quarter worth approximately $263,000. Captrust Financial Advisors raised its holdings in shares of Rivian Automotive by 19.4% during the third quarter. Captrust Financial Advisors now owns 41,474 shares of the electric vehicle automaker’s stock valued at $465,000 after purchasing an additional 6,738 shares during the last quarter. Finally, Verition Fund Management LLC bought a new position in Rivian Automotive during the third quarter valued at approximately $1,158,000. 66.25% of the stock is owned by institutional investors.

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.