Rivian Automotive (NASDAQ:RIVN) Shares Down 2.8% – Here’s Why

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were down 2.8% during mid-day trading on Monday . The stock traded as low as $13.16 and last traded at $13.19. Approximately 38,159,809 shares changed hands during mid-day trading, an increase of 6% from the average daily volume of 36,011,500 shares. The stock had previously closed at $13.57.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wedbush decreased their target price on Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 6th. Stifel Nicolaus reduced their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Friday, August 8th. Cfra Research upgraded shares of Rivian Automotive to a “moderate sell” rating in a report on Thursday, October 2nd. Needham & Company LLC reiterated a “buy” rating and set a $14.00 target price on shares of Rivian Automotive in a report on Monday, August 25th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Rivian Automotive in a research report on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $13.76.

Rivian Automotive Price Performance

The firm has a market capitalization of $16.01 billion, a price-to-earnings ratio of -4.08 and a beta of 1.82. The stock’s fifty day moving average price is $13.81 and its two-hundred day moving average price is $13.60. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The business had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period last year, the company earned ($1.46) EPS. Equities research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the transaction, the chief executive officer directly owned 1,316,205 shares in the company, valued at $18,426,870. This represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the sale, the chief financial officer directly owned 789,445 shares in the company, valued at approximately $9,694,384.60. The trade was a 0.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 42,147 shares of company stock worth $577,593 in the last three months. Corporate insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Foundations Investment Advisors LLC purchased a new position in shares of Rivian Automotive in the 3rd quarter valued at $173,000. Hollencrest Capital Management boosted its stake in Rivian Automotive by 73.0% in the third quarter. Hollencrest Capital Management now owns 3,390 shares of the electric vehicle automaker’s stock valued at $50,000 after acquiring an additional 1,431 shares in the last quarter. New York State Common Retirement Fund boosted its stake in Rivian Automotive by 36.4% in the third quarter. New York State Common Retirement Fund now owns 597,353 shares of the electric vehicle automaker’s stock valued at $8,769,000 after acquiring an additional 159,400 shares in the last quarter. AustralianSuper Pty Ltd grew its holdings in shares of Rivian Automotive by 12.2% during the third quarter. AustralianSuper Pty Ltd now owns 56,863 shares of the electric vehicle automaker’s stock worth $835,000 after purchasing an additional 6,185 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Rivian Automotive by 8.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,946 shares of the electric vehicle automaker’s stock worth $249,000 after purchasing an additional 1,281 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

About Rivian Automotive

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.