Rivian Automotive (NASDAQ:RIVN) Stock Price Down 3.2% – Here’s What Happened
by Amy Steele · The Cerbat GemRivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report)’s share price traded down 3.2% on Monday . The stock traded as low as $13.14 and last traded at $13.35. 28,609,408 shares traded hands during trading, a decline of 2% from the average session volume of 29,285,594 shares. The stock had previously closed at $13.79.
Analyst Ratings Changes
Several research analysts recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and set a $23.00 price target on shares of Rivian Automotive in a report on Friday, May 1st. Wall Street Zen upgraded shares of Rivian Automotive from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. UBS Group upgraded shares of Rivian Automotive from a “sell” rating to a “neutral” rating and boosted their target price for the company from $15.00 to $16.00 in a research note on Friday, February 13th. Piper Sandler dropped their target price on shares of Rivian Automotive from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Friday, February 13th. Finally, Leerink Partners reiterated an “outperform” rating on shares of Rivian Automotive in a research note on Thursday, March 12th. Twelve investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $18.57.
Get Our Latest Research Report on Rivian Automotive
Rivian Automotive Trading Down 3.2%
The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64. The stock has a market capitalization of $16.57 billion, a PE ratio of -4.57 and a beta of 1.64. The stock’s 50 day simple moving average is $15.54 and its two-hundred day simple moving average is $16.29.
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last released its earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.54) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.14. The firm had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative net margin of 63.62% and a negative return on equity of 75.65%. The company’s quarterly revenue was down 25.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.70) earnings per share. On average, sell-side analysts expect that Rivian Automotive, Inc. will post -3.1 EPS for the current year.
Insider Transactions at Rivian Automotive
In other news, CFO Claire Mcdonough sold 27,133 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $455,834.40. Following the sale, the chief financial officer owned 680,836 shares of the company’s stock, valued at $11,438,044.80. The trade was a 3.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 34,900 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total transaction of $586,320.00. Following the completion of the sale, the chief executive officer directly owned 1,044,731 shares in the company, valued at approximately $17,551,480.80. This trade represents a 3.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 148,888 shares of company stock worth $2,411,276. Corporate insiders own 2.16% of the company’s stock.
Institutional Trading of Rivian Automotive
Several hedge funds and other institutional investors have recently modified their holdings of RIVN. Newbridge Financial Services Group Inc. raised its position in shares of Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 1,000 shares during the period. Core Wealth Advisors LLC bought a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $27,000. SOA Wealth Advisors LLC. raised its position in shares of Rivian Automotive by 894.2% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after purchasing an additional 1,395 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Rivian Automotive in the third quarter valued at approximately $31,000. Finally, Zions Bancorporation National Association UT bought a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $33,000. Institutional investors own 66.25% of the company’s stock.
About Rivian Automotive
Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.
Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.