Rivian Automotive (NASDAQ:RIVN) Trading Down 1.1% – Here’s What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were down 1.1% during mid-day trading on Friday . The company traded as low as $20.77 and last traded at $20.90. Approximately 19,419,263 shares changed hands during trading, a decline of 50% from the average daily volume of 39,124,805 shares. The stock had previously closed at $21.13.

Analysts Set New Price Targets

A number of equities research analysts have commented on RIVN shares. Needham & Company LLC raised their target price on Rivian Automotive from $14.00 to $23.00 and gave the company a “buy” rating in a report on Friday, December 12th. Wall Street Zen upgraded shares of Rivian Automotive from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. DA Davidson upped their target price on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 11th. UBS Group lifted their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, October 6th. Finally, Stifel Nicolaus upped their price target on Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, November 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, thirteen have assigned a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and an average price target of $15.73.

Rivian Automotive Trading Down 1.1%

The stock has a market cap of $25.62 billion, a PE ratio of -6.72 and a beta of 1.79. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. The business has a 50-day moving average of $16.24 and a 200 day moving average of $14.43.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.71) by $0.06. The company had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The firm’s revenue for the quarter was up 78.3% compared to the same quarter last year. During the same period last year, the company earned ($1.08) EPS. Equities research analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 21,210 shares of Rivian Automotive stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $17.14, for a total value of $363,539.40. Following the completion of the sale, the chief financial officer owned 738,056 shares of the company’s stock, valued at $12,650,279.84. The trade was a 2.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter Krawiec sold 3,655 shares of the stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $19.45, for a total value of $71,089.75. Following the transaction, the director owned 29,122 shares in the company, valued at $566,422.90. This trade represents a 11.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 120,154 shares of company stock worth $2,017,909. Insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Prospera Financial Services Inc grew its holdings in Rivian Automotive by 5.2% in the third quarter. Prospera Financial Services Inc now owns 15,803 shares of the electric vehicle automaker’s stock valued at $232,000 after purchasing an additional 775 shares during the period. Siemens Fonds Invest GmbH raised its stake in Rivian Automotive by 7.7% during the third quarter. Siemens Fonds Invest GmbH now owns 10,874 shares of the electric vehicle automaker’s stock worth $160,000 after purchasing an additional 780 shares during the period. Equitable Holdings Inc. boosted its holdings in shares of Rivian Automotive by 5.8% in the 3rd quarter. Equitable Holdings Inc. now owns 14,699 shares of the electric vehicle automaker’s stock valued at $216,000 after purchasing an additional 803 shares during the last quarter. TD Asset Management Inc grew its stake in shares of Rivian Automotive by 1.2% during the 2nd quarter. TD Asset Management Inc now owns 75,841 shares of the electric vehicle automaker’s stock valued at $1,042,000 after buying an additional 870 shares during the period. Finally, First National Trust Co grew its stake in shares of Rivian Automotive by 5.6% during the 3rd quarter. First National Trust Co now owns 16,900 shares of the electric vehicle automaker’s stock valued at $248,000 after buying an additional 900 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.