Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.3%

Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report)’s stock price dropped 1.3% on Monday . The stock traded as low as $10.74 and last traded at $10.74. Approximately 5,421,409 shares traded hands during trading, a decline of 87% from the average daily volume of 40,263,859 shares. The stock had previously closed at $10.88.

Analyst Upgrades and Downgrades

RIVN has been the topic of several recent research reports. Bank of America reduced 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 note on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $15.00 target price on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 price objective on shares of Rivian Automotive in a research note on Wednesday, May 8th. Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and increased their target price for the company from $15.00 to $21.00 in a research note on Friday, March 15th. Finally, Robert W. Baird decreased their target price on Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating for the company in a research report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $19.00.

Get Our Latest Stock Report on RIVN

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. The company has a 50-day simple moving average of $10.16 and a two-hundred day simple moving average of $13.89. The stock has a market cap of $10.89 billion, a price-to-earnings ratio of -1.85 and a beta of 2.00.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last released its quarterly 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 firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. As a group, equities research analysts forecast that Rivian Automotive, Inc. will post -4.96 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,452,349.59. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RIVN. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $26,000. Ancora Advisors LLC acquired a new stake in Rivian Automotive in the third quarter valued at approximately $27,000. EverSource Wealth Advisors LLC grew its stake in shares of Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 2,380 shares during the last quarter. Principal Securities Inc. bought a new position in shares of Rivian Automotive in the 4th quarter valued at $33,000. Finally, Benjamin Edwards Inc. acquired a new stake in shares of Rivian Automotive during the 1st quarter valued at $33,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

About Rivian Automotive

(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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