Rivian Automotive (NASDAQ:RIVN) Stock Price Down 6.7%

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 6.7% during mid-day trading on Thursday . The company traded as low as $13.57 and last traded at $13.75. 35,659,302 shares changed hands during trading, a decline of 16% from the average session volume of 42,293,418 shares. The stock had previously closed at $14.74.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price objective for the company in a research report on Tuesday, April 16th. Morgan Stanley reaffirmed an “overweight” rating and set a $13.00 price objective on shares of Rivian Automotive in a report on Wednesday. Barclays cut their target price on shares of Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Friday, April 19th. Cantor Fitzgerald raised their price target on shares of Rivian Automotive from $15.00 to $19.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Needham & Company LLC restated a “buy” rating and issued a $13.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of “Moderate Buy” and an average price target of $19.17.

Rivian Automotive Price Performance

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’s fifty day moving average is $10.47 and its two-hundred day moving average is $13.55. The stock has a market cap of $14.52 billion, a price-to-earnings ratio of -2.38 and a beta of 2.01.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. As a group, research analysts predict that Rivian Automotive, Inc. will post -4.94 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $11.49, for a total value of $820,719.21. Following the completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $10,452,349.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RIVN. EverSource Wealth Advisors LLC raised its position in Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares in the last quarter. Westwood Holdings Group Inc. lifted its stake in Rivian Automotive by 240.3% in the first quarter. Westwood Holdings Group Inc. now owns 273,801 shares of the electric vehicle automaker’s stock worth $2,998,000 after acquiring an additional 193,345 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings in Rivian Automotive by 2.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 384,101 shares of the electric vehicle automaker’s stock worth $4,149,000 after acquiring an additional 9,508 shares in the last quarter. EULAV Asset Management increased its position in shares of Rivian Automotive by 33.3% in the 1st quarter. EULAV Asset Management now owns 680,000 shares of the electric vehicle automaker’s stock valued at $7,446,000 after purchasing an additional 170,000 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its holdings in shares of Rivian Automotive by 571.5% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 502,949 shares of the electric vehicle automaker’s stock valued at $5,507,000 after purchasing an additional 428,050 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.