Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report)’s stock price fell 1.3% during trading on Monday after Barclays lowered their price target on the stock from $12.00 to $10.00. Barclays currently has an equal weight rating on the stock. Rivian Automotive traded as low as $8.31 and last traded at $8.52. 14,668,214 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 42,704,582 shares. The stock had previously closed at $8.63.
A number of other research firms also recently commented on RIVN. Wolfe Research reiterated a “peer perform” rating on shares of Rivian Automotive in a research report on Thursday, January 4th. Evercore ISI reduced their price objective on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. Bank of America reduced their price objective on Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, February 22nd. UBS Group raised Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price objective on the stock in a research note on Tuesday, April 16th. Finally, Mizuho reissued a “neutral” rating and set a $12.00 price objective on shares of Rivian Automotive in a research note on Monday, March 25th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.61.
Insider Activity at Rivian Automotive
In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the sale, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the transaction, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the transaction, the chief financial officer now owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. Insiders have sold a total of 54,306 shares of company stock valued at $717,274 in the last ninety days. Company insiders own 2.30% of the company’s stock.
Hedge Funds Weigh In On Rivian Automotive
Several institutional investors and hedge funds have recently modified their holdings of RIVN. Price T Rowe Associates Inc. MD increased its stake in shares of Rivian Automotive by 35.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after purchasing an additional 25,550,489 shares in the last quarter. Norges Bank purchased a new position in shares of Rivian Automotive in the 4th quarter valued at about $129,427,000. Vanguard Group Inc. boosted its holdings in Rivian Automotive by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after buying an additional 4,467,881 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Rivian Automotive by 228.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,630,315 shares of the electric vehicle automaker’s stock worth $88,144,000 after buying an additional 2,525,142 shares during the last quarter. Finally, Morgan Stanley boosted its holdings in Rivian Automotive by 14.0% in the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after buying an additional 1,193,650 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.
Rivian Automotive Trading Up 1.9 %
The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $8.59 billion, a price-to-earnings ratio of -1.53 and a beta of 1.88. The company has a fifty day moving average of $11.39 and a 200-day moving average of $15.77.
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last posted its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (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 for the quarter, compared to analysts’ expectations of $1.28 billion. As a group, equities research analysts anticipate 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.