Rivian Automotive (NASDAQ:RIVN) Trading Down 4.9%

Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 4.9% during trading on Thursday . The stock traded as low as $10.41 and last traded at $10.48. Approximately 8,218,954 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 39,964,000 shares. The stock had previously closed at $11.02.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on RIVN shares. Morgan Stanley cut their price target on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a research note on Thursday, April 4th. Mizuho cut their price target on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $15.00 price target on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Truist Financial restated a “hold” rating and set a $10.00 price target (down from $11.00) on shares of Rivian Automotive in a research note on Thursday, May 2nd. Finally, UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price target for the company in a research note on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Rivian Automotive Trading Down 0.1 %

The stock has a market cap of $10.27 billion, a P/E ratio of -1.79 and a beta of 2.01. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. The company has a 50-day moving average price of $10.24 and a two-hundred day moving average price of $13.71.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. On average, research analysts expect that Rivian Automotive, Inc. will post -4.96 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $11.49, for a total value of $820,719.21. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,452,349.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently bought and sold shares of the business. Stifel Financial Corp increased its stake in shares of Rivian Automotive by 7.3% during the third quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock valued at $6,997,000 after buying an additional 19,699 shares during the period. Morgan Stanley increased its stake in shares of Rivian Automotive by 14.0% during the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after buying an additional 1,193,650 shares during the period. Trust Point Inc. purchased a new position in shares of Rivian Automotive during the fourth quarter valued at $246,000. Sapient Capital LLC purchased a new position in shares of Rivian Automotive during the fourth quarter valued at $330,000. Finally, Gradient Investments LLC increased its stake in shares of Rivian Automotive by 72.4% during the fourth quarter. Gradient Investments LLC now owns 2,463 shares of the electric vehicle automaker’s stock valued at $58,000 after buying an additional 1,034 shares during the period. Institutional investors own 66.25% of the company’s stock.

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.