Rivian Automotive (NASDAQ:RIVN) Trade Drops 2.8%

Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) stock price was down 2.8% during mid-day trading on Friday. The company traded as low as $9.24 and last traded at $9.30. About 18,340,916 shares were traded during mid-day trading, a decrease of 57% from the daily average of 42,400,512 shares. The stock had previously closed at $9.57.

Analysts Set New Price Targets

Several analysts have weighed in on RIVN shares. Bank of America cut their target price on shares of Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, February 22nd. Piper Sandler upgraded shares of Rivian Automotive from a “neutral” rating to a hold rating. an “overweight” rating and upped their target price for the company from $15.00 to $21.00 in a research report on Friday, March 15th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $15.00 target price on shares of Rivian Automotive in a report. study on Tuesday, April 2nd. 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. Finally, Wolfe Research restated a “peer perform” rating on the stock Rivian Automotive in a research report on Thursday, January 4th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $19.87.

See our Latest Research Report on RIVN

Rivian Auto Business Drops 4.3%

The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt to equity ratio of 0.48. The company’s 50-day moving average price is $12.38 and its 200-day moving average price is $16.52. The company has a market capitalization of $8.95 billion, a P/E ratio of -1.60 and a beta of 1.88.

Rivian Automotive (NASDAQ:RIVN – Get Free Report ) last posted 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 in the quarter, compared to the consensus estimate of $1.28 billion. Rivian Automotive had a negative margin of 122.51% and a negative return on equity of 45.97%. As a group, equities research analysts predict that Rivian Automotive, Inc. will post -4.79 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the firm’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 value of $255,367.35. Following the completion of the sale, the insider now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The sale was disclosed in a legal filing with the Securities and Exchange Commission, which is available at SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction dated Friday, February 16. The stock sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at $2,523,133.80. A disclosure of this marketing can be found here. Insiders sold a total of 54,306 shares of company stock valued at $717,274 over the last three months. Insiders own 2.30% of the company’s shares.

Institutional Investors Weigh In On Rivian Cars

Institutional investors have recently added to or reduced their holdings in companies. Sunbelt Securities Inc. grew its position in Rivian Automotive by 195.0% in the 2nd quarter. Sunbelt Securities Inc. now owns 1,475 shares of the electric vehicle maker’s stock valued at $25,000 after purchasing an additional 975 shares in the last quarter. Bear Mountain Capital Inc. bought a new position in Rivian Automotive in the fourth quarter valued at approximately $26,000. Ancora Advisors LLC purchased a new position in Rivian Automotive in the third quarter valued at about $27,000. MCF Advisors LLC boosted its holdings in Rivian Automotive by 396.8% in the third quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle maker’s stock valued at $30,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Resurgent Financial Advisors LLC purchased a new position in Rivian Automotive in the fourth quarter valued at approximately $30,000. 66.25% of the shares are owned by institutional investors.

Profile of Rivian Motor Company

(Get a Free Report)

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.

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