Rivian Automotive (NASDAQ:RIVN) Shares Down 2.2% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 2.2% during trading on Monday . The stock traded as low as $15.00 and last traded at $15.25. 45,878,303 shares changed hands during trading, an increase of 27% from the average session volume of 36,105,906 shares. The stock had previously closed at $15.59.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Needham & Company LLC reiterated a “buy” rating and set a $14.00 target price on shares of Rivian Automotive in a research note on Monday, August 25th. Guggenheim downgraded Rivian Automotive from a “buy” rating to a “neutral” rating in a research note on Monday, July 14th. Wedbush reduced their target price on Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating for the company in a research note on Wednesday, August 6th. Wall Street Zen downgraded Rivian Automotive from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. Finally, UBS Group reduced their price target on Rivian Automotive from $13.00 to $12.00 and set a “neutral” rating for the company in a research note on Wednesday, August 6th. Five investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $13.85.

Rivian Automotive Trading Down 2.2%

The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $18.50 billion, a P/E ratio of -4.72 and a beta of 1.81. The firm has a 50-day moving average of $13.44 and a two-hundred day moving average of $13.29.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The firm had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the business posted ($1.46) earnings per share. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. On average, analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the completion of the sale, the chief executive officer owned 1,316,205 shares of the company’s stock, valued at $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 7,247 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer directly owned 789,445 shares of the company’s stock, valued at $9,694,384.60. This represents a 0.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,147 shares of company stock valued at $577,593 in the last ninety days. 2.16% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds have recently added to or reduced their stakes in RIVN. Vanguard Group Inc. boosted its position in shares of Rivian Automotive by 2.6% during the second quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker’s stock valued at $1,086,507,000 after buying an additional 1,983,509 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Rivian Automotive by 4.9% during the 2nd quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock worth $200,200,000 after purchasing an additional 689,045 shares during the period. Northern Trust Corp raised its stake in shares of Rivian Automotive by 11.2% during the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock worth $100,195,000 after purchasing an additional 809,064 shares during the period. Norges Bank bought a new stake in shares of Rivian Automotive during the 2nd quarter worth $105,629,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Rivian Automotive by 15.8% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock worth $80,376,000 after purchasing an additional 799,030 shares during the period. 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.