Rivian Automotive (NASDAQ:RIVN) Shares Down 2.6% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was down 2.6% on Thursday . The stock traded as low as $15.13 and last traded at $15.21. Approximately 16,763,109 shares were traded during trading, a decline of 46% from the average daily volume of 31,136,029 shares. The stock had previously closed at $15.62.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RIVN. Morgan Stanley restated an “underweight” rating and issued a $12.00 price objective on shares of Rivian Automotive in a research note on Monday, December 8th. Leerink Partners reiterated an “outperform” rating on shares of Rivian Automotive in a research report on Thursday, March 12th. Canaccord Genuity Group increased their price target on shares of Rivian Automotive from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, March 20th. Wells Fargo & Company increased their price target on Rivian Automotive from $12.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, February 13th. Finally, DA Davidson lowered Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $15.00 to $14.00 in a research note on Tuesday, February 17th. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $18.05.

Rivian Automotive Stock Down 2.6%

The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.89 and a current ratio of 2.33. The firm has a market cap of $18.88 billion, a price-to-earnings ratio of -4.95 and a beta of 1.75. The business’s 50 day moving average price is $15.54 and its 200 day moving average price is $15.88.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.54) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.14. The firm had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative net margin of 67.68% and a negative return on equity of 65.05%. The business’s revenue was down 25.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.70) EPS. On average, equities analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 27,133 shares of Rivian Automotive 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. The trade was a 3.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 34,900 shares of the company’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 $586,320.00. Following the completion of the transaction, the chief executive officer directly owned 1,044,731 shares of the company’s stock, valued at $17,551,480.80. The trade was a 3.23% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 131,833 shares of company stock valued at $2,196,995. Insiders own 2.16% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Rockefeller Capital Management L.P. raised its stake in shares of Rivian Automotive by 6.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 55,391 shares of the electric vehicle automaker’s stock worth $1,092,000 after buying an additional 3,119 shares during the period. Osbon Capital Management LLC acquired a new stake in Rivian Automotive in the 4th quarter valued at $57,000. Corient Private Wealth LLC increased its holdings in Rivian Automotive by 41.6% in the 4th quarter. Corient Private Wealth LLC now owns 94,501 shares of the electric vehicle automaker’s stock worth $1,863,000 after acquiring an additional 27,785 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its position in Rivian Automotive by 2,212.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 62,168 shares of the electric vehicle automaker’s stock worth $1,225,000 after acquiring an additional 59,480 shares during the period. Finally, Strategic Investment Solutions Inc. IL raised its position in Rivian Automotive by 8,210.2% during the fourth quarter. Strategic Investment Solutions Inc. IL now owns 10,554 shares of the electric vehicle automaker’s stock worth $208,000 after acquiring an additional 10,427 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.