Rivian Automotive (NASDAQ:RIVN) Trading Down 7.2% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price fell 7.2% during mid-day trading on Wednesday . The stock traded as low as $16.72 and last traded at $16.7280. 19,433,373 shares changed hands during trading, a decline of 49% from the average session volume of 37,767,840 shares. The stock had previously closed at $18.02.

Wall Street Analyst Weigh In

Several research firms recently weighed in on RIVN. Cfra Research upgraded shares of Rivian Automotive to a “moderate sell” rating in a research report on Thursday, October 2nd. JPMorgan Chase & Co. increased their target price on shares of Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Monday, October 20th. Mizuho reaffirmed an “underperform” rating and issued a $10.00 price target (down previously from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a research note on Wednesday, October 8th. Finally, Wall Street Zen raised Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday. Five equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $13.81.

Rivian Automotive Stock Performance

The company has a market capitalization of $21.26 billion, a P/E ratio of -5.63 and a beta of 1.81. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The company’s fifty day moving average is $14.04 and its 200 day moving average is $13.77.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.02. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The business had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the previous year, the firm posted ($1.08) EPS. The business’s revenue for the quarter was up 78.3% compared to the same quarter last year. As a group, equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the completion of the transaction, the chief executive officer owned 1,316,205 shares in the company, valued at $18,426,870. This trade represents a 1.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer owned 789,445 shares in the company, valued at approximately $9,694,384.60. This represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 42,147 shares of company stock valued at $577,593. 2.16% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Larson Financial Group LLC increased its holdings in shares of Rivian Automotive by 7.4% in the first quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker’s stock worth $131,000 after purchasing an additional 722 shares during the period. Brown Advisory Inc. grew its position in Rivian Automotive by 2.4% during the first quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker’s stock worth $405,000 after buying an additional 772 shares in the last quarter. Prospera Financial Services Inc increased its stake in Rivian Automotive by 5.2% in the 3rd quarter. Prospera Financial Services Inc now owns 15,803 shares of the electric vehicle automaker’s stock worth $232,000 after acquiring an additional 775 shares during the last quarter. First National Trust Co raised its holdings in shares of Rivian Automotive by 5.3% in the 1st quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker’s stock valued at $199,000 after acquiring an additional 800 shares in the last quarter. Finally, TD Asset Management Inc boosted its position in shares of Rivian Automotive by 1.2% during the 2nd quarter. TD Asset Management Inc now owns 75,841 shares of the electric vehicle automaker’s stock valued at $1,042,000 after acquiring an additional 870 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

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.