Rivian Automotive (NASDAQ:RIVN) Shares Down 2.8%

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded down 2.8% during trading on Tuesday . The company traded as low as $9.02 and last traded at $9.12. 5,125,862 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 41,735,984 shares. The stock had previously closed at $9.38.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Stifel Nicolaus lowered their target price on Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, February 26th. Wolfe Research restated a “peer perform” rating on shares of Rivian Automotive in a research note on Thursday, January 4th. 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 note on Thursday, April 4th. 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 note on Thursday, February 22nd. Finally, Barclays lowered their price objective on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Friday, April 19th. 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 company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.57.

Rivian Automotive Stock Up 6.7 %

The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48. The company has a market cap of $9.61 billion, a P/E ratio of -1.73 and a beta of 1.91. The company has a fifty day moving average of $10.43 and a 200 day moving average of $15.29.

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 the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. On average, research analysts anticipate that Rivian Automotive, Inc. will post -4.76 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction 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 transaction, the chief accounting officer now owns 52,415 shares in the company, valued at $690,829.70. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock valued at $717,274 over the last 90 days. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in the business. Commonwealth Equity Services LLC lifted its position in shares of Rivian Automotive by 18.7% in the third quarter. Commonwealth Equity Services LLC now owns 215,885 shares of the electric vehicle automaker’s stock worth $5,242,000 after buying an additional 34,044 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in shares of Rivian Automotive by 5.5% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 159,600 shares of the electric vehicle automaker’s stock worth $3,875,000 after buying an additional 8,300 shares in the last quarter. Vicus Capital lifted its position in shares of Rivian Automotive by 14.8% in the third quarter. Vicus Capital now owns 11,611 shares of the electric vehicle automaker’s stock worth $282,000 after buying an additional 1,500 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Rivian Automotive by 2.8% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 101,040 shares of the electric vehicle automaker’s stock worth $2,453,000 after buying an additional 2,724 shares in the last quarter. Finally, Xponance Inc. lifted its position in shares of Rivian Automotive by 30.5% in the third quarter. Xponance Inc. now owns 24,084 shares of the electric vehicle automaker’s stock worth $585,000 after buying an additional 5,622 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

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.