Rivian Automotive (NASDAQ:RIVN) Share Price Drops 5.1%

Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report ) fell 5.1% on Monday. The stock traded as low as $8.65 and last traded at $8.66. About 26,638,086 shares changed hands during trading, a decrease of 38% from the daily average of 42,747,578 shares. The stock had previously closed at $9.13.

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Analysts Set New Price Targets

Several equities analysts recently weighed in on RIVN shares. UBS Group restated a “sell” rating and set a $8.00 target price (down from $24.00) on shares of Rivian Automotive in a research report on Friday, February 23rd. Robert W. Baird decreased their price objective on Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. Stifel Nicolaus decreased their price objective on Rivian Automotive from $23.00 to $18.00 and set an “outperform” rating on the stock. gave the stock a “buy” rating in a report on Monday, February 26. Bank of America reduced 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 22. Finally, 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 26. Two analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have assigned a hold rating. stock purchase. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $19.87.

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Rivian Car Sales Drop 7.8%

The company has a market cap of $8.23 billion, a price-to-earnings ratio of -1.48 and a beta of 1.88. The company has a 50-day moving average price of $12.25 and a 200-day moving average price of $16.35. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48.

Rivian Automotive (NASDAQ:RIVN – Get Free Report ) last released its earnings results on Wednesday, February 21. The electric vehicle maker reported ($1.58) EPS for the quarter, topping the consensus estimate of ($1.67). ) for $0.09. The company had revenue of $1.32 billion during the quarter, compared to analysts’ estimates of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative margin of 122.51%. As a group, sell-side analysts predict that Rivian Automotive, Inc. will post -4.8 EPS for the year.

Internal Affairs at Rivian Automotive

In related news, Kjell Gruner sold 19,935 shares of the business’s stock in a transaction that occurred on Friday, March 8. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the transaction, the investor now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a legal filing with the Securities and Exchange Commission, which is available at SEC website. In related news, Kjell Gruner sold 19,935 shares of the business’s stock in a transaction that occurred on Friday, March 8. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the transaction, the investor now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a legal filing with the Securities and Exchange Commission, which is available at SEC website. Also, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction that occurred on Monday, March 11. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the transaction, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. A disclosure of this marketing can be found here. Insiders sold 54,306 shares of company stock worth $717,274 in the last 90 days. 2.30% of the shares are currently owned by company insiders.

Rivian Automotive Institutional Sales

Several hedge funds have recently added to or reduced their stakes in the business. Eaton Vance Management raised its stake in Rivian Automotive by 6.8% in the first quarter. Eaton Vance Management now owns 7,843 shares of the electric vehicle maker’s stock valued at $394,000 after acquiring an additional 497 shares during the last quarter. Gould Capital LLC boosted its holdings in shares of Rivian Automotive by 32.6% in the 2nd quarter. Gould Capital LLC now owns 2,035 shares of the electric vehicle maker’s stock valued at $34,000 after buying an additional 500 shares in the last quarter . DA Davidson & CO. boosted its holdings in shares of Rivian Automotive by 9.1% during the 1st quarter. DA Davidson & CO. now owns 6,176 shares of the electric vehicle maker’s stock valued at $310,000 after buying an additional 515 shares in the last quarter. Nissay Asset Management Corp Japan ADV increased its holdings in shares of Rivian Automotive by 1.6% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 35,904 shares of the electric vehicle maker’s stock worth $662,000 after buying 577 additional shares in the last quarter. Finally, Salem Investment Counselors Inc. boosted its holdings in shares of Rivian Automotive by 1,329.5% in the first quarter. Salem Investment Counselors Inc. now owns 629 shares of the electric vehicle maker’s stock valued at $32,000 after purchasing an additional 585 shares during the last quarter. Institutional investors own 66.25% of the company’s shares.

About Rivian Automotive

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Rivian Automotive, Inc., together with its subsidiaries, designs, develops, manufactures and markets automobiles and electrical equipment. The company offers consumer vehicles, including a five-passenger two-row pickup truck under the R1T brand, a three-row seven-passenger sport utility vehicle under the R1S name.