Rivian Automotive (NASDAQ:RIVN) Stock Price Down 4.4% – Here’s What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) fell 4.4% during mid-day trading on Monday. The company traded as low as $14.75 and last traded at $14.79. Approximately 24,885,237 shares changed hands during trading, a decline of 15% from the average session volume of 29,401,094 shares. The stock had previously closed at $15.47.

Analyst Upgrades and Downgrades

RIVN has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, September 19th. TD Cowen upped their price target on shares of Rivian Automotive from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Royal Bank Of Canada increased their price target on shares of Rivian Automotive from $14.00 to $16.00 and gave the company a “sector perform” rating in a report on Friday, July 31st. Citigroup assumed coverage on shares of Rivian Automotive in a research note on Monday, September 14th. They issued a “hold” rating and a $18.00 price objective for the company. Finally, BNP Paribas Exane upped their target price on shares of Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. Twelve investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $19.00.

Rivian Automotive Stock Performance

The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $21.67 billion, a PE ratio of -5.80 and a beta of 1.62. The stock’s 50 day moving average price is $15.83 and its two-hundred day moving average price is $15.89.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.03. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the prior year, the firm earned ($0.97) EPS. Rivian Automotive’s quarterly revenue was up 27.2% on a year-over-year basis. On average, equities analysts expect that Rivian Automotive, Inc. will post -2.96 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Karen Boone sold 20,000 shares of the business’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the transaction, 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael John Callahan sold 15,000 shares of the company’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $16.29, for a total transaction of $244,350.00. Following the completion of the transaction, the insider owned 1,016,776 shares in the company, valued at approximately $16,563,281.04. This trade represents a 1.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 56,167 shares of company stock worth $963,306. 1.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Norges Bank acquired a new stake in shares of Rivian Automotive during the 4th quarter worth $220,323,000. Bank of New York Mellon Corp acquired a new position in Rivian Automotive in the second quarter valued at $49,915,000. Capital International Investors grew its position in Rivian Automotive by 13.2% during the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after acquiring an additional 2,418,717 shares during the period. Hsbc Holdings PLC grew its position in Rivian Automotive by 55.8% during the first quarter. Hsbc Holdings PLC now owns 3,097,836 shares of the electric vehicle automaker’s stock valued at $46,625,000 after acquiring an additional 1,109,171 shares during the period. Finally, USS Investment Management Ltd purchased a new position in shares of Rivian Automotive in the 1st quarter worth about $12,683,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc is an electric vehicle manufacturer focused on developing and producing vehicles designed for adventure, utility and commercial use. The company’s lineup includes the R1T electric pickup truck and R1S electric SUV, which feature all-electric powertrains, advanced driver-assistance technology and software-enabled vehicle systems.

Rivian also develops electric commercial vehicles, including delivery vans, along with vehicle software, charging solutions and related services.