Shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) traded down 0.9% on Thursday after Morgan Stanley lowered their price target on the stock from $14.00 to $13.00. Morgan Stanley currently has an overweight rating on the stock. Rivian Automotive traded as low as $10.44 and last traded at $10.45. 10,867,455 shares were traded during mid-day trading, a decline of 74% from the average session volume of 42,387,527 shares. The stock had previously closed at $10.54.
Several other brokerages have also issued reports on RIVN. Truist Financial reiterated a “hold” rating and issued a $11.00 price target on shares of Rivian Automotive in a report on Wednesday. Bank of America cut their price target on Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. Needham & Company LLC cut their price target on Rivian Automotive from $22.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. Barclays cut their price target on Rivian Automotive from $16.00 to $12.00 and set an “equal weight” rating on the stock in a report on Monday, February 26th. Finally, JPMorgan Chase & Co. lowered Rivian Automotive from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $20.00 to $11.00 in a report on Thursday, February 22nd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and an average price target of $19.87.
Insiders Place Their Bets
In other news, insider Kjell Gruner sold 19,935 shares of the stock in a transaction dated 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 directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Kjell Gruner sold 19,935 shares of the firm’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 value of $255,367.35. Following the sale, the insider now directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock worth $717,274 over the last quarter. 2.30% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several large investors have recently made changes to their positions in RIVN. Eaton Vance Management grew its holdings in shares of Rivian Automotive by 6.8% in the first quarter. Eaton Vance Management now owns 7,843 shares of the electric vehicle automaker’s stock worth $394,000 after purchasing an additional 497 shares during the last quarter. Gould Capital LLC boosted its holdings in Rivian Automotive by 32.6% in the second quarter. Gould Capital LLC now owns 2,035 shares of the electric vehicle automaker’s stock valued at $34,000 after acquiring an additional 500 shares in the last quarter. D.A. Davidson & CO. boosted its holdings in Rivian Automotive by 9.1% in the first quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock valued at $310,000 after acquiring an additional 515 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its holdings in Rivian Automotive by 1.6% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 35,904 shares of the electric vehicle automaker’s stock valued at $662,000 after acquiring an additional 577 shares in the last quarter. Finally, Salem Investment Counselors Inc. boosted its holdings in Rivian Automotive by 1,329.5% in the first quarter. Salem Investment Counselors Inc. now owns 629 shares of the electric vehicle automaker’s stock valued at $32,000 after acquiring an additional 585 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.
Rivian Automotive Trading Down 3.9 %
The firm has a market cap of $9.90 billion, a P/E ratio of -1.76 and a beta of 1.88. The firm’s fifty day moving average is $12.91 and its two-hundred day moving average is $16.94. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48.
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last announced its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. Analysts predict that Rivian Automotive, Inc. will post -4.79 earnings per share for the current fiscal year.
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.