Rivian Automotive (NASDAQ:RIVN) Trading Down 1.1% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded down 1.1% on Monday . The company traded as low as $20.33 and last traded at $20.67. 20,127,347 shares changed hands during trading, a decline of 48% from the average session volume of 39,052,559 shares. The stock had previously closed at $20.90.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Wall Street Zen upgraded Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Evercore ISI reissued an “outperform” rating on shares of Rivian Automotive in a research note on Monday, December 15th. Tigress Financial increased their price target on Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Stifel Nicolaus raised their price objective on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. Finally, UBS Group boosted their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, thirteen have given a Hold rating and six have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $15.73.

Rivian Automotive Trading Down 1.1%

The firm has a market cap of $25.34 billion, a price-to-earnings ratio of -6.65 and a beta of 1.79. The firm’s 50-day moving average is $16.40 and its 200-day moving average is $14.48. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.06. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The firm had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the firm earned ($1.08) earnings per share. The business’s quarterly revenue was up 78.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 8,039 shares of the stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $18.00, for a total value of $144,702.00. Following the completion of the sale, the chief financial officer directly owned 730,017 shares of the company’s stock, valued at approximately $13,140,306. This represents a 1.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Peter Krawiec sold 3,655 shares of the firm’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $19.45, for a total value of $71,089.75. Following the transaction, the director owned 29,122 shares in the company, valued at approximately $566,422.90. This trade represents a 11.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 120,154 shares of company stock valued at $2,017,909 over the last ninety days. 2.16% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its stake in Rivian Automotive by 15.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock valued at $80,376,000 after buying an additional 799,030 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Rivian Automotive in the second quarter valued at $1,324,000. Farther Finance Advisors LLC raised its stake in shares of Rivian Automotive by 227.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 117,096 shares of the electric vehicle automaker’s stock valued at $1,719,000 after purchasing an additional 81,291 shares during the period. Tableaux LLC purchased a new stake in Rivian Automotive during the 2nd quarter worth about $3,435,000. Finally, Intech Investment Management LLC boosted its stake in Rivian Automotive by 522.0% in the 1st quarter. Intech Investment Management LLC now owns 350,965 shares of the electric vehicle automaker’s stock worth $4,370,000 after purchasing an additional 294,539 shares during the period. Hedge funds and other 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.