Rivian Automotive (NASDAQ:RIVN) Stock Price Down 3.2% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price fell 3.2% during trading on Tuesday . The company traded as low as $15.37 and last traded at $15.54. 15,975,332 shares were traded during mid-day trading, a decline of 47% from the average session volume of 30,340,168 shares. The stock had previously closed at $16.06.

Analyst Ratings Changes

A number of research firms recently issued reports on RIVN. BNP Paribas Exane increased their price objective on Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Morgan Stanley boosted their target price on Rivian Automotive from $13.00 to $14.00 and gave the company an “underweight” rating in a research note on Friday, July 31st. Royal Bank Of Canada raised their price target on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock a “sector perform” rating in a research note on Friday, July 31st. TD Cowen lifted their price objective on shares of Rivian Automotive from $20.00 to $21.00 and gave the company a “buy” rating in a report on Friday, July 31st. Finally, Weiss Ratings raised shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Twelve investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $19.05.

Rivian Automotive Trading Down 3.3%

The firm has a market cap of $22.49 billion, a price-to-earnings ratio of -6.02 and a beta of 1.61. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65. The business has a 50-day moving average of $16.51 and a 200-day moving average of $15.90.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.66) by $0.03. The firm had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The business’s quarterly revenue was up 27.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.97) earnings per share. Research analysts anticipate that Rivian Automotive, Inc. will post -2.98 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, Director Karen Boone sold 20,000 shares of the firm’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the transaction, the director directly owned 110,000 shares of the company’s stock, valued at approximately $2,200,000. This trade represents a 15.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the business’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the transaction, the chief financial officer owned 819,178 shares in the company, valued at approximately $13,106,848. The trade was a 0.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 41,167 shares of company stock valued at $718,956. 1.48% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. HORAN Wealth LLC bought a new stake in shares of Rivian Automotive in the 2nd quarter valued at about $414,000. California State Teachers Retirement System grew its holdings in Rivian Automotive by 1,696.5% during the second quarter. California State Teachers Retirement System now owns 22,267,094 shares of the electric vehicle automaker’s stock worth $386,334,000 after purchasing an additional 21,027,647 shares during the period. Ameritas Advisory Services LLC bought a new position in Rivian Automotive during the second quarter worth about $109,000. Saudi Central Bank increased its position in Rivian Automotive by 92.0% during the second quarter. Saudi Central Bank now owns 56,287 shares of the electric vehicle automaker’s stock worth $977,000 after buying an additional 26,968 shares during the last quarter. Finally, AlphaGrep UK Ltd acquired a new position in Rivian Automotive during the second quarter worth approximately $184,000. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.