Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.6% – Here’s What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 2.6% during mid-day trading on Tuesday . The stock traded as low as $20.69 and last traded at $21.18. 36,355,361 shares traded hands during trading, a decline of 7% from the average session volume of 39,294,715 shares. The stock had previously closed at $21.75.

Wall Street Analyst Weigh In

Several analysts have weighed in on RIVN shares. Cfra Research upgraded shares of Rivian Automotive to a “moderate sell” rating in a research note on Thursday, October 2nd. Canaccord Genuity Group reaffirmed a “buy” rating on shares of Rivian Automotive in a report on Monday, December 15th. DA Davidson increased their price objective on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rivian Automotive in a report on Wednesday, October 8th. Finally, Mizuho reaffirmed an “underperform” rating and set a $10.00 target price (down from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, thirteen have given a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $15.73.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. The firm has a market capitalization of $25.87 billion, a P/E ratio of -6.78 and a beta of 1.79. The business has a fifty day moving average of $16.08 and a 200-day moving average of $14.38.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.06. The company had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The firm’s quarterly revenue was up 78.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.08) EPS. On average, sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 21,210 shares of the business’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total transaction of $363,539.40. Following the sale, the chief financial officer directly owned 738,056 shares in the company, valued at approximately $12,650,279.84. The trade was a 2.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter Krawiec sold 3,655 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $19.45, for a total transaction of $71,089.75. Following the completion of the sale, the director directly owned 29,122 shares of the company’s stock, valued at approximately $566,422.90. This represents a 11.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 120,154 shares of company stock valued at $2,017,909. Company insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently modified their holdings of the company. Assetmark Inc. lifted its holdings in shares of Rivian Automotive by 315.6% in the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after buying an additional 1,357 shares during the period. Newbridge Financial Services Group Inc. raised its position in Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 1,000 shares in the last quarter. Mather Group LLC. acquired a new stake in Rivian Automotive in the 3rd quarter valued at about $30,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Rivian Automotive in the 3rd quarter valued at about $31,000. Finally, Hemington Wealth Management boosted its position in shares of Rivian Automotive by 291.0% during the 3rd quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock valued at $31,000 after purchasing an additional 1,580 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.