Rivian Automotive (NASDAQ:RIVN) Stock Price Down 3.2% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shares fell 3.2% on Tuesday . The stock traded as low as $15.37 and last traded at $15.54. Approximately 15,975,332 shares were traded during mid-day trading, a decline of 47% from the average session volume of 30,340,168 shares. The stock had previously closed at $16.06.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on RIVN shares. Royal Bank Of Canada increased their target price on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock a “sector perform” rating in a research report on Friday, July 31st. Weiss Ratings raised shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, July 6th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $19.00 price objective on shares of Rivian Automotive in a report on Tuesday, July 28th. UBS Group lifted their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Finally, Wall Street Zen raised Rivian Automotive from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Twelve investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $19.05.

Rivian Automotive Stock Up 2.2%

The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.65 and a current ratio of 2.10. The stock has a market cap of $23.11 billion, a price-to-earnings ratio of -6.19 and a beta of 1.62. The firm’s 50-day simple moving average is $16.54 and its two-hundred day simple moving average is $15.92.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.03. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.52 billion. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. Rivian Automotive’s quarterly revenue was up 27.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.97) earnings per share. On average, sell-side analysts expect that Rivian Automotive, Inc. will post -2.98 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, 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 value of $190,588.00. Following the completion of the sale, the chief financial officer directly owned 827,201 shares of the company’s stock, valued at approximately $11,994,414.50. This trade represents a 1.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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. Also, Director Karen Boone sold 20,000 shares of the business’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $20.00, for a total value of $400,000.00. Following the sale, the director owned 110,000 shares of the company’s stock, valued at approximately $2,200,000. The trade was a 15.38% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 41,167 shares of company stock worth $718,956. Company insiders own 1.48% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. lifted its position in Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 1,000 shares during the period. Core Wealth Advisors LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $27,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Rivian Automotive during the third quarter worth approximately $31,000. Zions Bancorporation National Association UT bought a new stake in shares of Rivian Automotive during the fourth quarter worth approximately $33,000. Finally, Oslo Pensjonsforsikring AS acquired a new position in Rivian Automotive in the first quarter valued at approximately $39,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.