Rivian Automotive (NASDAQ:RIVN) Stock Falls 4.8% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price fell 4.8% during mid-day trading on Friday. The stock traded as low as $12.15 and last traded at $12.18. Approximately 28,296,110 shares traded hands during mid-day trading, a decline of 4% from the average session volume of 29,412,283 shares. The stock had previously closed at $12.80.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on RIVN shares. Needham & Company LLC dropped their price objective on Rivian Automotive from $23.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday, October 30th. Citigroup assumed coverage on Rivian Automotive in a report on Monday, September 14th. They issued a “hold” rating and a $18.00 target price on the stock. Stifel Nicolaus reaffirmed a “buy” rating and issued a $22.00 target price on shares of Rivian Automotive in a report on Monday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rivian Automotive in a research report on Friday, October 2nd. Finally, Deutsche Bank lowered Rivian Automotive from a “buy” rating to an “underperform” rating in a report on Tuesday, August 4th. Fifteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $19.50.

Rivian Automotive Stock Down 4.8%

The firm has a 50 day moving average of $14.02 and a 200-day moving average of $15.35. 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 stock has a market capitalization of $17.78 billion, a P/E ratio of -5.41 and a beta of 1.64.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $2 billion. During the same quarter last year, the company earned ($1.08) EPS. The company’s quarterly revenue was up 38.3% on a year-over-year basis. On average, equities research analysts expect that Rivian Automotive, Inc. will post -2.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In related news, insider Michael John Callahan sold 15,000 shares of the firm’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $15.00, for a total value of $225,000.00. Following the completion of the transaction, the insider directly owned 1,001,776 shares of the company’s stock, valued at $15,026,640. This trade represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 13,144 shares of Rivian Automotive stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total transaction of $190,588.00. Following the sale, the chief financial officer owned 827,201 shares in the company, valued at $11,994,414.50. This represents a 1.56% decrease in their position. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 51,167 shares of company stock valued at $788,306. 1.48% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jacobi Capital Management LLC acquired a new stake in Rivian Automotive during the third quarter valued at approximately $25,000. MCF Advisors LLC lifted its position in shares of Rivian Automotive by 3,500.0% during the 2nd quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock worth $31,000 after buying an additional 1,750 shares during the period. Ancora Advisors LLC bought a new position in shares of Rivian Automotive during the 2nd quarter worth approximately $44,000. Oslo Pensjonsforsikring AS acquired a new stake in Rivian Automotive in the 1st quarter valued at $39,000. Finally, Heritage Family Offices LLP acquired a new stake in Rivian Automotive in the 3rd quarter valued at $49,000. 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.