Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded down 1% during mid-day trading on Monday . The company traded as low as $10.26 and last traded at $10.40. 6,253,145 shares were traded during mid-day trading, a decline of 84% from the average session volume of 39,821,352 shares. The stock had previously closed at $10.50.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on RIVN shares. Barclays raised their price objective on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 16th. Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. Wedbush restated an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a research report on Wednesday, August 7th. Guggenheim began coverage on Rivian Automotive in a report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price target for the company. Finally, JPMorgan Chase & Co. raised their price objective on Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $17.68.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The firm’s 50-day moving average price is $12.77 and its two-hundred day moving average price is $12.28. The stock has a market cap of $10.43 billion, a price-to-earnings ratio of -1.74 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. On average, analysts expect that Rivian Automotive, Inc. will post -4.88 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $17.02, for a total transaction of $1,215,721.58. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $15,482,940.82. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 241,305 shares of company stock valued at $3,369,273 over the last quarter. 2.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors have recently added to or reduced their stakes in the business. Fairman Group LLC acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $36,000. Quent Capital LLC grew its position in shares of Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 831 shares during the last quarter. Creekmur Asset Management LLC acquired a new stake in Rivian Automotive during the 4th quarter worth $51,000. EverSource Wealth Advisors LLC lifted its position in Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 2,380 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new position in Rivian Automotive in the second quarter valued at $37,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.