Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.2% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded down 1.2% during trading on Wednesday. The company traded as low as $14.10 and last traded at $14.34. Approximately 21,870,250 shares were traded during trading, a decline of 26% from the average daily volume of 29,411,492 shares. The stock had previously closed at $14.51.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several research reports. Needham & Company LLC reissued a “buy” rating on shares of Rivian Automotive in a research report on Monday, August 10th. Morgan Stanley increased their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “underweight” rating in a research note on Friday, July 31st. Cantor Fitzgerald reissued a “neutral” rating on shares of Rivian Automotive in a report on Monday, September 28th. Wall Street Zen upgraded shares of Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, September 19th. Finally, Citigroup assumed coverage on shares of Rivian Automotive in a research report on Monday, September 14th. They issued a “hold” rating and a $18.00 price target on the stock. Twelve analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $19.00.

Rivian Automotive Stock Performance

The business has a 50-day simple moving average of $15.64 and a 200 day simple moving average of $15.86. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65. The firm has a market cap of $20.76 billion, a PE ratio of -5.56 and a beta of 1.62.

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

Insider Buying and Selling

In other news, CFO Claire McDonough sold 13,144 shares of the firm’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $14.50, for a total transaction of $190,588.00. Following the sale, the chief financial officer directly owned 827,201 shares in the company, valued at $11,994,414.50. This trade represents a 1.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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, insider Michael John Callahan sold 15,000 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $15.00, for a total transaction of $225,000.00. Following the completion of the transaction, the insider directly owned 1,001,776 shares of the company’s stock, valued at $15,026,640. This represents a 1.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 51,167 shares of company stock valued at $788,306. Company insiders own 1.48% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in RIVN. Dimensional Fund Advisors LP grew its position in shares of Rivian Automotive by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 7,438,776 shares of the electric vehicle automaker’s stock worth $111,896,000 after purchasing an additional 25,382 shares in the last quarter. Hsbc Holdings PLC boosted its stake in Rivian Automotive by 55.8% in the 1st quarter. Hsbc Holdings PLC now owns 3,097,836 shares of the electric vehicle automaker’s stock worth $46,625,000 after purchasing an additional 1,109,171 shares during the period. Bank of New York Mellon Corp purchased a new stake in Rivian Automotive during the 2nd quarter valued at approximately $49,915,000. Alpine Global Management LLC grew its holdings in Rivian Automotive by 0.7% during the 4th quarter. Alpine Global Management LLC now owns 2,628,299 shares of the electric vehicle automaker’s stock valued at $51,804,000 after buying an additional 17,564 shares in the last quarter. Finally, Swiss National Bank raised its position in shares of Rivian Automotive by 8.2% during the first quarter. Swiss National Bank now owns 2,331,000 shares of the electric vehicle automaker’s stock valued at $35,082,000 after buying an additional 176,500 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.