Rivian Automotive (NASDAQ:RIVN) Trading Down 1.6% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was down 1.6% during trading on Thursday . The company traded as low as $10.94 and last traded at $11.24. Approximately 8,373,911 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 38,221,993 shares. The stock had previously closed at $11.42.

Analysts Set New Price Targets

RIVN has been the subject of several recent analyst reports. Robert W. Baird reiterated a “neutral” rating and set a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Truist Financial increased their price target on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Bank of America downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Stifel Nicolaus decreased their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Finally, Needham & Company LLC boosted their price target on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and a consensus price target of $14.87.

Rivian Automotive Trading Down 3.5 %

The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm has a market capitalization of $12.47 billion, a PE ratio of -2.34 and a beta of 2.04. The firm’s fifty day moving average is $13.17 and its two-hundred day moving average is $12.39.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. On average, equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Activity

In other news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,784,877.65. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 275,357 shares of company stock valued at $3,988,140 in the last ninety days. 2.51% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

A number of large investors have recently bought and sold shares of RIVN. Charles Schwab Investment Management Inc. grew its stake in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after acquiring an additional 2,035,831 shares during the period. International Assets Investment Management LLC lifted its holdings in Rivian Automotive by 1,870.7% during the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock valued at $608,000 after purchasing an additional 51,464 shares during the last quarter. Mizuho Markets Americas LLC lifted its holdings in Rivian Automotive by 30.7% during the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock valued at $5,964,000 after purchasing an additional 124,950 shares during the last quarter. SG Americas Securities LLC boosted its position in Rivian Automotive by 42.7% during the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock worth $2,404,000 after purchasing an additional 54,053 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Rivian Automotive in the fourth quarter worth about $1,382,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

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.