Rivian Automotive (NASDAQ:RIVN) Stock Price Down 5.5% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was down 5.5% during mid-day trading on Thursday. The stock traded as low as $12.78 and last traded at $12.80. Approximately 25,690,583 shares changed hands during trading, a decline of 13% from the average session volume of 29,416,779 shares. The stock had previously closed at $13.54.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Cantor Fitzgerald reduced their target price on shares of Rivian Automotive from $19.00 to $16.00 and set a “neutral” rating on the stock in a research note on Friday, October 30th. DA Davidson dropped their target price on shares of Rivian Automotive from $17.00 to $15.00 and set a “neutral” rating for the company in a research report on Friday, November 6th. Wall Street Zen downgraded shares of Rivian Automotive from a “hold” rating to a “sell” rating in a report on Saturday, October 31st. Jefferies Financial Group raised shares of Rivian Automotive from a “hold” rating to a “buy” rating and set a $17.00 price target for the company in a report on Friday, October 30th. Finally, Citigroup began coverage on shares of Rivian Automotive in a research report on Monday, September 14th. They issued a “hold” rating and a $18.00 price target on the stock. Fifteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and a consensus target price of $19.50.

Rivian Automotive Stock Performance

The stock has a 50 day moving average price of $14.08 and a two-hundred day moving average price of $15.37. The company has a debt-to-equity ratio of 0.78, a current ratio of 2.18 and a quick ratio of 1.70. The company has a market capitalization of $18.68 billion, a price-to-earnings ratio of -5.69 and a beta of 1.64.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, October 29th. The electric vehicle automaker reported ($0.48) EPS for the quarter, topping analysts’ consensus estimates of ($0.64) by $0.16. Rivian Automotive had a negative return on equity of 69.68% and a negative net margin of 45.88%. The company had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2 billion. During the same quarter last year, the firm posted ($1.08) earnings per share. Rivian Automotive’s revenue was up 38.3% compared to the same quarter last year. On average, analysts predict that Rivian Automotive, Inc. will post -2.72 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Michael John Callahan sold 15,000 shares of the stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $15.00, for a total transaction of $225,000.00. Following the completion of the sale, the insider directly owned 1,001,776 shares of the company’s stock, valued at approximately $15,026,640. This represents a 1.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 8,023 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the sale, the chief financial officer owned 819,178 shares in the company, valued at $13,106,848. This trade represents a 0.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 51,167 shares of company stock valued at $788,306. 1.48% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new stake in shares of Rivian Automotive in the second quarter valued at approximately $49,915,000. Hsbc Holdings PLC boosted its holdings in Rivian Automotive by 55.8% during the first quarter. Hsbc Holdings PLC now owns 3,097,836 shares of the electric vehicle automaker’s stock worth $46,625,000 after purchasing an additional 1,109,171 shares during the last quarter. Edgestream Partners L.P. acquired a new position in Rivian Automotive during the third quarter worth $7,597,000. Andra AP fonden bought a new position in Rivian Automotive in the second quarter valued at $6,923,000. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in Rivian Automotive by 22.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,970,637 shares of the electric vehicle automaker’s stock valued at $29,441,000 after purchasing an additional 356,540 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc. designs, develops and manufactures electric vehicles and related technology. Its consumer lineup includes the R1T electric pickup truck and R1S electric sport utility vehicle, while its commercial offerings include electric delivery vans and fleet services. Founded in 2009 by RJ Scaringe, the company began delivering its R1T and R1S vehicles in 2021. Rivian also develops vehicle software, charging solutions and services intended to support its consumer and commercial customers.