Rivian Automotive (NASDAQ:RIVN) Shares Gap Down – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $13.61, but opened at $12.71. Rivian Automotive shares last traded at $13.05, with a volume of 24,915,746 shares changing hands.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several analyst reports. Truist Financial upped their target price on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. The Goldman Sachs Group lifted their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Bank of America downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their target price for the company from $20.00 to $13.00 in a research note on Friday, November 8th. Finally, Needham & Company LLC lifted their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $15.50.

Rivian Automotive Price Performance

The firm has a market capitalization of $13.31 billion, a price-to-earnings ratio of -2.33 and a beta of 2.04. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The business has a 50-day moving average price of $13.59 and a two-hundred day moving average price of $12.54.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 72.78% and a negative net margin of 121.38%. As a group, research analysts forecast that Rivian Automotive, Inc. will post -4.7 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 8,097 shares of the company’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 value of $98,783.40. Following the completion of the sale, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 366,788 shares of company stock worth $5,024,431. Insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently modified their holdings of RIVN. Dimension Capital Management LLC raised its position in Rivian Automotive by 5.5% in the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock worth $208,000 after acquiring an additional 819 shares in the last quarter. Tradition Wealth Management LLC grew its stake in shares of Rivian Automotive by 7.2% in the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock worth $168,000 after purchasing an additional 849 shares during the last quarter. John G Ullman & Associates Inc. raised its holdings in shares of Rivian Automotive by 9.1% in the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after purchasing an additional 1,000 shares in the last quarter. GHP Investment Advisors Inc. lifted its stake in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 1,002 shares during the last quarter. Finally, RFG Holdings Inc. boosted its holdings in Rivian Automotive by 5.2% during the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock worth $296,000 after buying an additional 1,096 shares in the last quarter. Institutional investors 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.