Rivian Automotive (NASDAQ:RIVN) Shares Down 2% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price dropped 2% during trading on Monday . The stock traded as low as $14.70 and last traded at $14.96. Approximately 17,260,695 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 32,249,033 shares. The stock had previously closed at $15.27.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Tigress Financial upped their target price on Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a report on Friday, November 14th. Evercore reaffirmed an “outperform” rating on shares of Rivian Automotive in a research report on Monday, December 15th. The Goldman Sachs Group lifted their target price on Rivian Automotive from $13.00 to $16.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. Morgan Stanley restated an “underweight” rating and set a $12.00 price target on shares of Rivian Automotive in a research report on Monday, December 8th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating on shares of Rivian Automotive in a research report on Monday, December 15th. Nine research analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have assigned a Sell rating to the company. According to MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and a consensus target price of $17.71.

Rivian Automotive Stock Performance

The firm has a market capitalization of $18.34 billion, a PE ratio of -4.87 and a beta of 1.76. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.33 and a quick ratio of 1.89. The company’s fifty day simple moving average is $17.53 and its 200 day simple moving average is $15.48.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.66) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.02. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 67.68% and a negative return on equity of 65.05%. The company’s quarterly revenue was down 25.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.70) earnings per share. As a group, equities research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 27,133 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total value of $455,834.40. Following the completion of the transaction, the chief financial officer owned 680,836 shares in the company, valued at $11,438,044.80. This trade represents a 3.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Peter Krawiec sold 3,655 shares of Rivian Automotive stock in a transaction dated 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 directly owned 29,122 shares of the company’s stock, valued at $566,422.90. The trade was a 11.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 182,187 shares of company stock worth $3,185,878 over the last 90 days. Corporate insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently modified their holdings of RIVN. Assetmark Inc. increased its holdings in Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock worth $25,000 after acquiring an additional 1,357 shares during the period. Newbridge Financial Services Group Inc. increased its holdings in shares of Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 1,000 shares during the period. Core Wealth Advisors LLC purchased a new stake in shares of Rivian Automotive in the fourth quarter worth $27,000. Mather Group LLC. bought a new stake in Rivian Automotive during the third quarter valued at $30,000. Finally, Hemington Wealth Management boosted its stake in Rivian Automotive by 291.0% during the third quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock valued at $31,000 after buying an additional 1,580 shares during the period. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Company Profile

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.