Rivian Automotive (NASDAQ:RIVN) Shares Down 1.8% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 1.8% during mid-day trading on Friday . The company traded as low as $14.91 and last traded at $15.33. Approximately 34,121,069 shares traded hands during mid-day trading, an increase of 8% from the average daily volume of 31,453,260 shares. The stock had previously closed at $15.61.

Analyst Upgrades and Downgrades

RIVN has been the subject of several research analyst reports. Robert W. Baird raised Rivian Automotive from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $14.00 to $25.00 in a report on Thursday, December 18th. Benchmark lifted their target price on Rivian Automotive from $18.00 to $25.00 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Canaccord Genuity Group reiterated a “buy” rating on shares of Rivian Automotive in a report on Monday, December 15th. Evercore restated an “outperform” rating on shares of Rivian Automotive in a research note on Monday, December 15th. Finally, Tigress Financial lifted their price objective on shares of Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Nine research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $18.10.

Rivian Automotive Trading Down 1.8%

The firm’s 50-day simple moving average is $17.26 and its 200 day simple moving average is $15.52. The stock has a market cap of $19.02 billion, a P/E ratio of -4.99 and a beta of 1.76. The company has a current ratio of 2.33, a quick ratio of 1.89 and a debt-to-equity ratio of 0.97.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 12th. The electric vehicle automaker reported ($0.66) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.02. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.The business had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the previous year, the firm posted ($0.70) earnings per share. The business’s revenue was down 25.8% on a year-over-year basis. As a group, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In related news, Director Peter Krawiec sold 3,655 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $19.45, for a total transaction of $71,089.75. Following the transaction, the director owned 29,122 shares in the company, valued at $566,422.90. This trade represents a 11.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 27,133 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total value of $455,834.40. Following the sale, the chief financial officer directly owned 680,836 shares in the company, valued at approximately $11,438,044.80. The trade was a 3.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 164,737 shares of company stock worth $2,922,209 over the last three months. Corporate insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL raised its position in Rivian Automotive by 8,210.2% in the fourth quarter. Strategic Investment Solutions Inc. IL now owns 10,554 shares of the electric vehicle automaker’s stock worth $208,000 after acquiring an additional 10,427 shares in the last quarter. Alpine Global Management LLC grew its stake in shares of Rivian Automotive by 0.7% in the 4th quarter. Alpine Global Management LLC now owns 2,628,299 shares of the electric vehicle automaker’s stock worth $51,804,000 after purchasing an additional 17,564 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $635,000. Compound Planning Inc. lifted its stake in Rivian Automotive by 21.1% during the fourth quarter. Compound Planning Inc. now owns 32,284 shares of the electric vehicle automaker’s stock valued at $636,000 after purchasing an additional 5,620 shares during the last quarter. Finally, Evansbrook LLC bought a new stake in Rivian Automotive during the fourth quarter worth approximately $317,000. Institutional investors 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.