Rivian Automotive (NASDAQ:RIVN) Trading Down 1.6% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 1.6% during mid-day trading on Thursday . The stock traded as low as $10.94 and last traded at $11.24. Approximately 8,373,911 shares traded hands during trading, a decline of 78% from the average daily volume of 38,221,993 shares. The stock had previously closed at $11.42.

Analysts Set New Price Targets

RIVN has been the topic of several analyst reports. UBS Group increased their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Needham & Company LLC increased their price objective on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Stifel Nicolaus dropped their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Finally, TD Cowen began coverage on shares of Rivian Automotive in a research note on Friday. They issued a “hold” rating and a $12.70 price objective for the company. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $14.73.

Rivian Automotive Price Performance

The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a market cap of $12.63 billion, a P/E ratio of -2.37 and a beta of 2.03. The business’s 50 day moving average is $13.11 and its two-hundred day moving average is $12.38.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates 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, analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive 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 completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,784,877.65. This trade represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 275,357 shares of company stock worth $3,988,140 over the last three months. 2.51% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimension Capital Management LLC boosted its holdings in Rivian Automotive by 5.5% during the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock worth $208,000 after purchasing an additional 819 shares during the last quarter. Tradition Wealth Management LLC increased its holdings in Rivian Automotive by 7.2% during the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock worth $168,000 after acquiring an additional 849 shares during the period. John G Ullman & Associates Inc. grew its stake in 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 buying an additional 1,000 shares in the last quarter. RFG Holdings Inc. boosted its stake in shares of Rivian Automotive by 5.2% in the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock valued at $296,000 after purchasing an additional 1,096 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its stake in shares of Rivian Automotive by 4.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock valued at $354,000 after purchasing an additional 1,160 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

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.