Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.7% – Here’s What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were down 2.7% during mid-day trading on Friday . The company traded as low as $14.91 and last traded at $14.99. 37,030,704 shares were traded during trading, an increase of 25% from the average session volume of 29,690,012 shares. The stock had previously closed at $15.40.

Analyst Ratings Changes

A number of research analysts recently issued reports on RIVN shares. Weiss Ratings upgraded Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. Citigroup started coverage on shares of Rivian Automotive in a research note on Monday. They set a “hold” rating and a $18.00 price target for the company. Stifel Nicolaus set a $22.00 price objective on shares of Rivian Automotive in a research report on Monday, August 24th. Morgan Stanley raised their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “underweight” rating in a research report on Friday, July 31st. Finally, Jefferies Financial Group lifted their price target on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “hold” rating in a research note on Tuesday, July 7th. Twelve research analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and an average target price of $19.00.

Rivian Automotive Stock Performance

The firm has a market cap of $21.70 billion, a price-to-earnings ratio of -5.81 and a beta of 1.62. The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87. The stock’s 50 day moving average is $16.21 and its 200 day moving average is $15.91.

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. Analysts anticipate that Rivian Automotive, Inc. will post -2.98 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Claire McDonough sold 8,023 shares of the firm’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the transaction, the chief financial officer owned 819,178 shares in the company, valued at approximately $13,106,848. This trade represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael John Callahan sold 15,000 shares of the business’s stock in a transaction dated Friday, September 11th. The shares were 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 approximately $16,563,281.04. This trade represents a 1.45% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 56,167 shares of company stock valued at $963,306 over the last 90 days. 1.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of the company. Reynders McVeigh Capital Management LLC increased its holdings in Rivian Automotive by 6.8% in the 2nd quarter. Reynders McVeigh Capital Management LLC now owns 15,767 shares of the electric vehicle automaker’s stock valued at $274,000 after buying an additional 1,000 shares during the period. Tidal Investments LLC raised its position in shares of Rivian Automotive by 2.3% in the 2nd quarter. Tidal Investments LLC now owns 292,956 shares of the electric vehicle automaker’s stock valued at $5,083,000 after buying an additional 6,566 shares in the last quarter. MCF Advisors LLC lifted its holdings in shares of Rivian Automotive by 3,500.0% during the 2nd quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock worth $31,000 after acquiring an additional 1,750 shares during the period. National Pension Service bought a new stake in shares of Rivian Automotive during the 2nd quarter worth approximately $790,000. Finally, Integrated Wealth Concepts LLC boosted its position in shares of Rivian Automotive by 21.4% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 33,437 shares of the electric vehicle automaker’s stock worth $580,000 after acquiring an additional 5,896 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

About Rivian Automotive

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.