Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.4% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 2.4% on Wednesday . The stock traded as low as $15.92 and last traded at $16.33. 19,010,285 shares were traded during trading, a decline of 38% from the average session volume of 30,490,676 shares. The stock had previously closed at $16.74.

Analysts Set New Price Targets

Several analysts recently issued reports on RIVN shares. UBS Group increased their price objective on Rivian Automotive from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. TD Cowen lifted their price objective on Rivian Automotive from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Needham & Company LLC reaffirmed a “buy” rating on shares of Rivian Automotive in a research report on Monday, August 10th. Morgan Stanley lifted 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, Stifel Nicolaus set a $22.00 price objective on Rivian Automotive in a report on Monday. Twelve investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $19.05.

Rivian Automotive Stock Down 2.4%

The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.65 and a current ratio of 2.10. The firm has a market capitalization of $23.64 billion, a P/E ratio of -6.33 and a beta of 1.61. The firm’s 50-day moving average is $16.49 and its 200 day moving average is $15.86.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.47) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.19. The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.52 billion. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The firm’s revenue for the quarter was up 27.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.97) earnings per share. As a group, equities research analysts predict that Rivian Automotive, Inc. will post -2.98 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In related news, 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 sale, the director owned 110,000 shares of the company’s stock, valued at $2,200,000. This represents a 15.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 13,144 shares of the firm’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $14.50, for a total value of $190,588.00. Following the completion of the sale, the chief financial officer directly owned 827,201 shares in the company, valued at approximately $11,994,414.50. This represents a 1.56% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 84,008 shares of company stock valued at $1,369,594 in the last three months. Corporate insiders own 1.48% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds have recently modified their holdings of the stock. Brighton Jones LLC increased its position in shares of Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after acquiring an additional 3,864 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Rivian Automotive by 1.5% during the 1st quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock worth $4,733,000 after purchasing an additional 5,590 shares during the last quarter. Empowered Funds LLC increased its position in Rivian Automotive by 10.1% in the first quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock worth $679,000 after buying an additional 4,998 shares during the last quarter. Focus Partners Wealth raised its stake in Rivian Automotive by 29.0% in the 1st quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock valued at $803,000 after acquiring an additional 14,497 shares during the period. Finally, Geneos Wealth Management Inc. raised its position in shares of Rivian Automotive by 57.1% in the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock valued at $64,000 after purchasing an additional 1,856 shares during the period. Institutional investors own 66.25% of the company’s stock.

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.