Rivian Automotive (NASDAQ:RIVN) Shares Down 3.2% – Here’s What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 3.2% on Tuesday . The company traded as low as $15.37 and last traded at $15.54. 15,975,332 shares traded hands during trading, a decline of 47% from the average daily volume of 30,340,168 shares. The stock had previously closed at $16.06.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Cantor Fitzgerald restated a “neutral” rating and issued a $19.00 price target on shares of Rivian Automotive in a research note on Tuesday, July 28th. DA Davidson lifted their price objective on shares of Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Piper Sandler upgraded shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $18.00 to $20.00 in a report on Monday, July 27th. TD Cowen increased their price objective on shares of Rivian Automotive from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Finally, Needham & Company LLC restated a “buy” rating on shares of Rivian Automotive in a research note on Monday, August 10th. Twelve research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $19.05.

Rivian Automotive Stock Performance

The company has a market cap of $22.49 billion, a P/E ratio of -6.02 and a beta of 1.61. The stock has a 50 day moving average price of $16.51 and a two-hundred day moving average price of $15.90. The company has a quick ratio of 1.65, a current ratio of 2.10 and a debt-to-equity ratio of 0.87.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.66) by $0.03. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the company posted ($0.97) EPS. The firm’s quarterly revenue was up 27.2% on a year-over-year basis. On average, research analysts predict that Rivian Automotive, Inc. will post -2.98 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 8,023 shares of the business’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the sale, the chief financial officer owned 819,178 shares of the company’s stock, valued at approximately $13,106,848. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 20,000 shares of the company’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 owned 110,000 shares in the company, valued at $2,200,000. This trade represents a 15.38% 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 three months, insiders sold 41,167 shares of company stock valued at $718,956. 1.48% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RIVN. California State Teachers Retirement System raised its position in shares of Rivian Automotive by 1,696.5% in the second quarter. California State Teachers Retirement System now owns 22,267,094 shares of the electric vehicle automaker’s stock valued at $386,334,000 after buying an additional 21,027,647 shares in the last quarter. Norges Bank acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $220,323,000. Renaissance Technologies LLC increased its stake in Rivian Automotive by 32.4% during the 4th quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock worth $323,195,000 after acquiring an additional 4,012,386 shares during the period. Bank of New York Mellon Corp acquired a new position in Rivian Automotive in the 2nd quarter valued at $49,915,000. Finally, Capital International Investors lifted its position in shares of Rivian Automotive by 13.2% during the 4th quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after acquiring an additional 2,418,717 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.