Rivian Automotive (NASDAQ:RIVN) Trading Down 1.4% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 1.4% during mid-day trading on Tuesday . The company traded as low as $15.06 and last traded at $15.14. Approximately 19,915,385 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 29,591,775 shares. The stock had previously closed at $15.36.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $18.00 to $20.00 in a report on Monday, July 27th. BNP Paribas Exane lifted their target price on shares of Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Jefferies Financial Group boosted their price target on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a research note on Tuesday, July 7th. Royal Bank Of Canada increased their target price on Rivian Automotive from $14.00 to $16.00 and gave the stock a “sector perform” rating in a research note on Friday, July 31st. Finally, Wall Street Zen raised Rivian Automotive from a “sell” rating to a “hold” rating in a report on Saturday. Twelve research analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have issued a Sell rating to the stock. According to MarketBeat, Rivian Automotive has an average rating of “Hold” and an average target price of $19.00.

Rivian Automotive Stock Performance

The stock’s fifty day simple moving average is $16.12 and its 200-day simple moving average is $15.91. The company has a quick ratio of 1.65, a current ratio of 2.10 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $21.92 billion, a PE ratio of -5.87 and a beta of 1.62.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.03. The business had revenue of $1.66 billion for 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 company’s revenue was up 27.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.97) EPS. On average, research analysts predict that Rivian Automotive, Inc. will post -2.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Michael John Callahan sold 15,000 shares of the business’s stock in a transaction on Friday, September 11th. The stock was sold at an average price of $16.29, for a total value of $244,350.00. Following the completion of the transaction, the insider directly owned 1,016,776 shares of the company’s stock, valued at $16,563,281.04. The trade was a 1.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 20,000 shares of the business’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.00, for a total transaction of $400,000.00. Following the completion of the transaction, the director directly owned 110,000 shares of the company’s stock, valued at $2,200,000. The trade was a 15.38% decrease in their position. 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. Insiders sold 56,167 shares of company stock worth $963,306 in the last ninety days. Insiders own 1.48% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RIVN. Parallel Advisors LLC grew its stake in shares of Rivian Automotive by 4.0% during the first quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock worth $242,000 after purchasing an additional 613 shares during the period. Tradition Wealth Management LLC lifted its stake in Rivian Automotive by 5.7% in the fourth quarter. Tradition Wealth Management LLC now owns 14,056 shares of the electric vehicle automaker’s stock valued at $277,000 after buying an additional 753 shares during the period. Reynders McVeigh Capital Management LLC boosted its holdings in Rivian Automotive by 6.8% during the second quarter. Reynders McVeigh Capital Management LLC now owns 15,767 shares of the electric vehicle automaker’s stock worth $274,000 after buying an additional 1,000 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Rivian Automotive by 2.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 56,758 shares of the electric vehicle automaker’s stock worth $985,000 after buying an additional 1,134 shares during the period. Finally, MTM Investment Management LLC grew its position in shares of Rivian Automotive by 115.0% during the 4th quarter. MTM Investment Management LLC now owns 2,150 shares of the electric vehicle automaker’s stock worth $42,000 after buying an additional 1,150 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.

Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.