Rivian Automotive (NASDAQ:RIVN) Trading Down 4.5% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price fell 4.5% during trading on Thursday . The stock traded as low as $13.58 and last traded at $13.73. 29,109,292 shares traded hands during trading, an increase of 3% from the average session volume of 28,397,590 shares. The stock had previously closed at $14.37.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RIVN. Weiss Ratings reissued a “sell (d-)” rating on shares of Rivian Automotive in a report on Thursday, January 22nd. Mizuho reissued an “underperform” rating and set a $10.00 price objective (down previously from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th. The Goldman Sachs Group boosted their target price on Rivian Automotive from $13.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th. Piper Sandler raised their price target on Rivian Automotive from $14.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, January 8th. Finally, Wedbush boosted their price objective on Rivian Automotive from $16.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, December 19th. Eight analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and seven have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $16.74.

Rivian Automotive Trading Up 7.9%

The stock has a fifty day moving average of $17.89 and a two-hundred day moving average of $15.26. The company has a market capitalization of $18.16 billion, a PE ratio of -4.76 and a beta of 1.76. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.06. The business had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The business’s quarterly revenue was up 78.3% on a year-over-year basis. During the same period last year, the business earned ($1.08) earnings per share. As a group, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 21,210 shares of the stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total transaction of $363,539.40. Following the completion of the sale, the chief financial officer owned 738,056 shares of the company’s stock, valued at $12,650,279.84. This represents a 2.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Peter Krawiec sold 3,655 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $19.45, for a total transaction of $71,089.75. Following the completion of the transaction, the director owned 29,122 shares in the company, valued at $566,422.90. The trade was a 11.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 172,504 shares of company stock worth $3,012,734 in the last ninety days. 2.16% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

Several large investors have recently modified their holdings of RIVN. Norges Bank purchased a new stake in Rivian Automotive in the second quarter worth about $105,629,000. Vanguard Group Inc. raised its position in shares of Rivian Automotive by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock worth $1,198,967,000 after acquiring an additional 2,597,310 shares in the last quarter. Capital International Investors lifted its stake in shares of Rivian Automotive by 13.4% in the 3rd quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker’s stock valued at $269,395,000 after purchasing an additional 2,161,394 shares during the period. AQR Capital Management LLC boosted its position in shares of Rivian Automotive by 496.6% during the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after purchasing an additional 1,918,852 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its position in shares of Rivian Automotive by 1,353.6% during the second quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker’s stock valued at $28,281,000 after purchasing an additional 1,916,686 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Company Profile

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.