Rivian Automotive (NASDAQ:RIVN) Shares Down 1.3% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) shares fell 1.3% during mid-day trading on Tuesday. The company traded as low as $13.34 and last traded at $13.37. Approximately 16,449,836 shares changed hands during trading, a decline of 44% from the average session volume of 29,281,074 shares. The stock had previously closed at $13.54.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RIVN. Cantor Fitzgerald restated a “neutral” rating on shares of Rivian Automotive in a research note on Monday, September 28th. BNP Paribas Exane upped their price objective on shares of Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a report on Friday, October 2nd. Finally, Stifel Nicolaus set a $22.00 target price on shares of Rivian Automotive in a research report on Monday, August 24th. Twelve equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $19.00.

Rivian Automotive Price Performance

The company has a market cap of $19.36 billion, a PE ratio of -5.18 and a beta of 1.62. The firm has a 50 day simple moving average of $15.49 and a 200-day simple moving average of $15.81. 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 for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.03. The business had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The company’s revenue was up 27.2% compared to the same quarter last year. During the same period last year, the business earned ($0.97) EPS. As a group, research analysts predict that Rivian Automotive, Inc. will post -2.95 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire McDonough sold 8,023 shares of Rivian Automotive stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $16.00, for a total value of $128,368.00. Following the transaction, the chief financial officer directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael John Callahan sold 15,000 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $15.00, for a total value of $225,000.00. Following the transaction, the insider directly owned 1,001,776 shares in the company, valued at approximately $15,026,640. The trade was a 1.48% 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. Over the last 90 days, insiders sold 51,167 shares of company stock valued at $788,306. 1.48% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its stake in Rivian Automotive by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 7,438,776 shares of the electric vehicle automaker’s stock valued at $111,896,000 after buying an additional 25,382 shares during the last quarter. Alpine Global Management LLC boosted its holdings in Rivian Automotive by 0.7% in the fourth quarter. Alpine Global Management LLC now owns 2,628,299 shares of the electric vehicle automaker’s stock worth $51,804,000 after acquiring an additional 17,564 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Rivian Automotive in the second quarter worth about $49,915,000. Hsbc Holdings PLC grew its stake in shares of Rivian Automotive by 55.8% during the first quarter. Hsbc Holdings PLC now owns 3,097,836 shares of the electric vehicle automaker’s stock worth $46,625,000 after acquiring an additional 1,109,171 shares during the last quarter. Finally, Swiss National Bank grew its stake in shares of Rivian Automotive by 8.2% during the first quarter. Swiss National Bank now owns 2,331,000 shares of the electric vehicle automaker’s stock worth $35,082,000 after acquiring an additional 176,500 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an electric vehicle manufacturer focused on developing and producing vehicles designed for adventure, utility and commercial use. The company’s lineup includes the R1T electric pickup truck and R1S electric SUV, which feature all-electric powertrains, advanced driver-assistance technology and software-enabled vehicle systems.

Rivian also develops electric commercial vehicles, including delivery vans, along with vehicle software, charging solutions and related services.