Rivian Automotive (NASDAQ:RIVN) Shares Down 2.9%

Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report)’s stock price was down 2.9% during trading on Friday . The stock traded as low as $9.84 and last traded at $9.92. Approximately 12,123,232 shares traded hands during trading, a decline of 71% from the average daily volume of 42,314,441 shares. The stock had previously closed at $10.22.

Analyst Ratings Changes

Several equities research analysts have commented on RIVN shares. Mizuho dropped their price target on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Wednesday. Wells Fargo & Company lowered their price objective on shares of Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a research report on Wednesday. The Goldman Sachs Group reduced their target price on shares of Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, January 25th. UBS Group upgraded shares of Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 target price for the company in a research note on Tuesday, April 16th. Finally, Bank of America dropped their price target on shares of Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, February 22nd. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Moderate Buy” and an average price target of $19.00.

View Our Latest Stock Report on RIVN

Rivian Automotive Trading Down 2.3 %

The business’s 50 day moving average price is $10.30 and its 200-day moving average price is $14.90. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.90.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last released its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, topping the consensus estimate of ($1.67) by $0.09. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. Sell-side analysts forecast that Rivian Automotive, Inc. will post -4.77 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Jeff Baker sold 31,425 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $13.18, for a total transaction of $414,181.50. Following the sale, the chief accounting officer now owns 52,415 shares in the company, valued at $690,829.70. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Rivian Automotive news, 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 value of $47,725.20. Following the sale, the chief financial officer now owns 155,749 shares in the company, valued at $2,523,133.80. The sale 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 the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the sale, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The disclosure for this sale can be found here. Insiders have sold a total of 54,306 shares of company stock worth $717,274 over the last quarter. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in RIVN. Raymond James & Associates increased its stake in shares of Rivian Automotive by 1.2% in the third quarter. Raymond James & Associates now owns 239,852 shares of the electric vehicle automaker’s stock valued at $5,824,000 after purchasing an additional 2,947 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Rivian Automotive by 15.1% in the third quarter. Bank of New York Mellon Corp now owns 2,116,848 shares of the electric vehicle automaker’s stock valued at $51,397,000 after acquiring an additional 277,522 shares in the last quarter. Park Avenue Securities LLC bought a new position in shares of Rivian Automotive in the third quarter valued at approximately $298,000. First Horizon Advisors Inc. boosted its holdings in shares of Rivian Automotive by 1,537.0% in the third quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after acquiring an additional 1,245 shares in the last quarter. Finally, Financial Advocates Investment Management bought a new position in shares of Rivian Automotive in the third quarter valued at approximately $218,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

(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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