Rivian Automotive (NASDAQ:RIVN) Trading Down 4.4% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded down 4.4% during trading on Friday . The company traded as low as $12.55 and last traded at $13.01. 37,773,149 shares were traded during trading, an increase of 12% from the average session volume of 33,586,262 shares. The stock had previously closed at $13.61.

Analysts Set New Price Targets

A number of research firms recently issued reports on RIVN. Truist Financial lifted their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Barclays boosted their price target on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 22nd. Piper Sandler cut their price objective on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 8th. Robert W. Baird reissued a “neutral” rating and issued a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Finally, Baird R W lowered shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and an average price target of $15.09.

Rivian Automotive Stock Down 4.7 %

The stock has a fifty day moving average price of $13.56 and a two-hundred day moving average price of $12.51. The company has a market cap of $13.24 billion, a price-to-earnings ratio of -2.75 and a beta of 2.04. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,784,877.65. This represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 8,097 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total transaction of $98,783.40. Following the completion of the transaction, the chief financial officer now owns 370,401 shares of the company’s stock, valued at $4,518,892.20. The trade was a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 366,788 shares of company stock worth $5,024,431. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Large investors have recently made changes to their positions in the company. Baillie Gifford & Co. lifted its stake in Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after purchasing an additional 17,341,786 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Rivian Automotive by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock worth $175,639,000 after buying an additional 227,168 shares in the last quarter. Capital International Investors acquired a new position in shares of Rivian Automotive during the 4th quarter worth $144,030,000. Norges Bank bought a new stake in shares of Rivian Automotive during the 4th quarter worth $123,308,000. Finally, Soma Equity Partners LP boosted its stake in Rivian Automotive by 19.9% in the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock valued at $112,865,000 after buying an additional 1,407,772 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.