Rivian Automotive (NASDAQ:RIVN) Set New 12-Month Low at $9.88

Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report ) stock hit a 52-week low during mid-day trading on Thursday. The stock traded as low as $9.88 and last traded at $9.93, with a share volume of 9423784. The stock previously closed at $10.27.

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Wall Street Analysts Forecast Growth

Several research firms have issued reports on RIVN. Jefferies Financial Group began coverage on Rivian Automotive in a research report on Thursday, March 7. They issued a “buy” rating and a $16.00 price objective for the company. Needham & Company LLC reduced their price objective on Rivian Automotive from $22.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 22nd. Morgan Stanley decreased their price objective on Rivian Automotive from $14.00 to $13.00. and set an “overweight” rating for the company in a research report on Thursday, April 4. Evercore ISI reduced their price objective on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating for the company in a research note. on Thursday, February 22. Finally, Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $15.00 to $21.00 in a research note on Friday, March 15. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $19.87.

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Rivian Car Payments Drop 6.1%

The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. The stock has a market cap of $9.42 billion, a price-to-earnings ratio of -1.67 and a beta of 1.88. The company’s 50-day moving average is $12.50 and its two-hundred-day moving average is $16.57.

Rivian Automotive (NASDAQ:RIVN – Get Free Report ) last posted its quarterly earnings results on Wednesday, February 21st. The electric vehicle maker reported ($1.58) EPS for the quarter, beating the consensus estimate of ($1.67) for $0.09. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative margin of 122.51%. On average, sell-side analysts predict that Rivian Automotive, Inc. will post -4.79 EPS for the current year.

Buying and Selling Locally at Rivian Automotive

In other Rivian Automotive news, investor Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction dated March 8th. The stock was traded at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the investor now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the Securities and Exchange Commission, which can be accessed via this link. In other news, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction dated March 11th. The stock was 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 sale was disclosed in a document filed with the Securities and Exchange Commission, which can be accessed via SEC website. Also, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction dated Friday, March 8. The stock sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. 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 owned by company insiders.

Rivian Automotive Institutional Sales

Institutional investors have recently changed their ownership of the company. Sunbelt Securities Inc. grew its holdings in shares of Rivian Automotive by 195.0% in the second 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 during the period. Bear Mountain Capital Inc. bought a new stake in shares of Rivian Automotive in the 4th quarter valued at about $26,000. Ancora Advisors LLC bought a new position in Rivian Automotive in the 3rd quarter valued at approximately $27,000. MCF Advisors LLC boosted its holdings in Rivian Automotive by 396.8% during the 3rd 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 period. Finally, Resurgent Financial Advisors LLC purchased a new position in Rivian Automotive in the 4th quarter valued at approximately $30,000. Hedge funds and other 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.

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