Rivian Automotive (NASDAQ:RIVN) Trading Down 2.2% – What’s Next?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 2.2% on Thursday . The stock traded as low as $10.88 and last traded at $11.11. Approximately 9,032,902 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 36,824,056 shares. The stock had previously closed at $11.36.

Wall Street Analysts Forecast Growth

RIVN has been the subject of a number of recent analyst reports. UBS Group upped their target price on 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 target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, February 24th. Truist Financial upped their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Cowen initiated coverage on Rivian Automotive in a report on Thursday, March 6th. They set a “hold” rating for the company. Finally, Bank of America downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $13.00 to $10.00 in a report on Monday, February 24th. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average target price of $14.38.

Rivian Automotive Price Performance

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 company has a market capitalization of $13.12 billion, a PE ratio of -2.46 and a beta of 2.03. The firm has a 50-day moving average of $12.41 and a 200 day moving average of $12.17.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,879,847.36. The trade was a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,427 shares of company stock valued at $2,735,619. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RIVN. Capital International Investors purchased a new position in shares of Rivian Automotive during the 4th quarter valued at about $144,030,000. Norges Bank purchased a new position in Rivian Automotive in the 4th quarter worth approximately $123,308,000. Northern Trust Corp lifted its holdings in Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock worth $96,275,000 after purchasing an additional 2,941,928 shares in the last quarter. Twinbeech Capital LP purchased a new position in Rivian Automotive in the 4th quarter worth approximately $29,944,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after purchasing an additional 2,035,831 shares in the last quarter. 66.25% of the stock is 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.