Rivian Automotive (NASDAQ:RIVN) Stock Falls 3.4% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 3.4% during trading on Monday. The stock traded as low as $11.42 and last traded at $11.43. 24,741,167 shares traded hands during mid-day trading, a decline of 15% from the average daily volume of 28,986,646 shares. The stock had previously closed at $11.83.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several research analyst reports. BNP Paribas Exane upped their target price on shares of Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Yorkville Ives started coverage on shares of Rivian Automotive in a research note on Tuesday, October 6th. They issued an “outperform” rating and a $20.00 price target for the company. Cantor Fitzgerald reissued a “neutral” rating on shares of Rivian Automotive in a report on Monday, September 28th. Jefferies Financial Group boosted their price objective on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “hold” rating in a report on Tuesday, July 7th. Finally, Morgan Stanley increased their price objective 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. Thirteen equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and a consensus price target of $19.86.

Rivian Automotive Stock Performance

The company has a market cap of $16.55 billion, a P/E ratio of -4.43 and a beta of 1.62. The company has a quick ratio of 1.65, a current ratio of 2.10 and a debt-to-equity ratio of 0.87. The business has a fifty day simple moving average of $14.90 and a two-hundred day simple moving average of $15.65.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.03. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%. The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the company posted ($0.97) EPS. The business’s quarterly revenue was up 27.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -2.94 EPS for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire McDonough sold 13,144 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $14.50, for a total transaction of $190,588.00. Following the completion of the sale, the chief financial officer directly owned 827,201 shares of the company’s stock, valued at approximately $11,994,414.50. This represents a 1.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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. Also, insider Michael John Callahan sold 15,000 shares of the stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $15.00, for a total transaction of $225,000.00. Following the completion of the transaction, the insider owned 1,001,776 shares in the company, valued at $15,026,640. The trade was a 1.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 51,167 shares of company stock worth $788,306 in the last quarter. Company insiders own 1.48% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. MCF Advisors LLC grew its position in shares of Rivian Automotive by 3,500.0% during the 2nd quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock valued at $31,000 after acquiring an additional 1,750 shares during the period. Oslo Pensjonsforsikring AS purchased a new stake in shares of Rivian Automotive in the 1st quarter worth $39,000. Ancora Advisors LLC bought a new position in Rivian Automotive in the 2nd quarter worth $44,000. Root Financial Partners LLC bought a new position in Rivian Automotive in the 3rd quarter worth $57,000. Finally, Continuum Advisory LLC bought a new position in Rivian Automotive in the 2nd quarter worth $75,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an electric vehicle manufacturer that designs, develops and produces all-electric trucks, sport utility vehicles and commercial delivery vans. The company focuses on vehicles intended for outdoor recreation, everyday transportation and fleet use, combining battery-electric powertrains with software and connected-vehicle technologies.

Rivian’s consumer vehicle lineup includes the R1T pickup truck and R1S sport utility vehicle. The company also develops electric commercial vans for business and delivery fleets, including vehicles produced through its relationship with Amazon.