Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.8%

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Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report)’s stock price dropped 2.8% during mid-day trading on Friday . The stock traded as low as $9.24 and last traded at $9.30. Approximately 18,340,916 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 42,400,512 shares. The stock had previously closed at $9.57.

Wall Street Analyst Weigh In

RIVN has been the topic of several research reports. Mizuho reissued a “neutral” rating and issued a $12.00 target price on shares of Rivian Automotive in a research report on Monday, March 25th. 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 research note on Thursday, February 22nd. Morgan Stanley decreased their price objective on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday, April 4th. UBS Group reaffirmed a “sell” rating and issued a $8.00 price objective (down previously from $24.00) on shares of Rivian Automotive in a research note on Friday, February 23rd. Finally, JPMorgan Chase & Co. downgraded Rivian Automotive from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $20.00 to $11.00 in a research note on Thursday, February 22nd. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $19.87.

Check Out Our Latest Report on RIVN

Rivian Automotive Trading Down 4.6 %

The stock has a market cap of $8.92 billion, a PE ratio of -1.59 and a beta of 1.88. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. The stock has a fifty day moving average price of $12.25 and a 200 day moving average price of $16.39.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last announced its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping analysts’ consensus estimates of ($1.67) by $0.09. The firm 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 net margin of 122.51%. Equities analysts expect that Rivian Automotive, Inc. will post -4.79 EPS for the current year.

Insider Transactions at Rivian Automotive

In related news, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction on Friday, March 8th. 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 insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction on Monday, 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 transaction, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kjell Gruner sold 19,935 shares of the business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the transaction, the insider now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. In the last 90 days, insiders sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of the business. Sunbelt Securities Inc. lifted its holdings in shares of Rivian Automotive by 195.0% in the 2nd quarter. Sunbelt Securities Inc. now owns 1,475 shares of the electric vehicle automaker’s stock worth $25,000 after buying an additional 975 shares during the period. Bear Mountain Capital Inc. purchased a new stake in shares of Rivian Automotive in the 4th quarter worth $26,000. Ancora Advisors LLC purchased a new stake in shares of Rivian Automotive in the 3rd quarter worth $27,000. MCF Advisors LLC lifted its holdings in shares of Rivian Automotive by 396.8% in the 3rd quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock worth $30,000 after buying an additional 1,000 shares during the period. Finally, Resurgent Financial Advisors LLC purchased a new stake in shares of Rivian Automotive in the 4th quarter worth $30,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

(Get Free Report)

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.

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2024-04-14 08:38:21

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