Rivian Automotive (NASDAQ:RIVN) Stock Price Down 3.3% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) was down 3.3% during mid-day trading on Wednesday . The stock traded as low as $16.99 and last traded at $17.18. 21,069,378 shares changed hands during trading, a decline of 34% from the average session volume of 31,823,348 shares. The stock had previously closed at $17.76.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on RIVN shares. Wall Street Zen upgraded Rivian Automotive from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. UBS Group increased their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Benchmark restated a “buy” rating and issued a $25.00 price target on shares of Rivian Automotive in a research report on Friday, May 1st. BNP Paribas Exane boosted their price objective on shares of Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. Finally, Weiss Ratings raised shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Twelve investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $18.86.

Rivian Automotive Stock Down 0.6%

The stock’s 50-day moving average is $16.28 and its 200-day moving average is $16.01. The stock has a market cap of $22.28 billion, a P/E ratio of -5.60 and a beta of 1.60. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.60) by $0.05. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The company had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same period last year, the firm earned ($0.48) EPS. The firm’s revenue for the quarter was up 11.4% on a year-over-year basis. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -3.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the completion of the sale, the chief executive officer owned 922,286 shares in the company, valued at $13,834,290. This represents a 3.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the sale, the chief financial officer owned 887,007 shares of the company’s stock, valued at approximately $14,192,112. This represents a 0.90% decrease in their ownership of the stock. 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. In the last 90 days, insiders sold 68,385 shares of company stock valued at $1,125,094. Company insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors have recently made changes to their positions in RIVN. Newbridge Financial Services Group Inc. grew its position in shares of 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 valued at $26,000 after purchasing an additional 1,000 shares during the last quarter. Core Wealth Advisors LLC acquired a new position in shares of Rivian Automotive in the fourth quarter valued at $27,000. SOA Wealth Advisors LLC. raised its position in Rivian Automotive by 894.2% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after purchasing an additional 1,395 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Rivian Automotive in the 3rd quarter worth approximately $31,000. Finally, Zions Bancorporation National Association UT bought a new position in shares of Rivian Automotive during the 4th quarter worth approximately $33,000. 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.