Rivian Automotive (NASDAQ:RIVN) Shares Down 1.3% – Here’s Why

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 1.3% during trading on Tuesday. The company traded as low as $13.34 and last traded at $13.37. 16,449,836 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 29,281,074 shares. The stock had previously closed at $13.54.

Analyst Ratings Changes

Several analysts have weighed in on RIVN shares. BNP Paribas Exane boosted 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. Citigroup started coverage on shares of Rivian Automotive in a report on Monday, September 14th. They issued a “hold” rating and a $18.00 price target for the company. Royal Bank Of Canada lifted their price objective on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock a “sector perform” rating in a research note on Friday, July 31st. Wells Fargo & Company lifted their price objective on shares of Rivian Automotive from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Friday, July 31st. Finally, Wall Street Zen raised shares of Rivian Automotive from a “sell” rating to a “hold” rating in a report on Saturday, September 19th. Twelve analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.00.

Rivian Automotive Trading Down 1.3%

The company has a 50-day simple moving average of $15.49 and a 200 day simple moving average of $15.81. The firm has a market cap of $19.36 billion, a PE ratio of -5.18 and a beta of 1.62. The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.03. The company had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%. Rivian Automotive’s quarterly revenue was up 27.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.97) EPS. As a group, sell-side analysts forecast that Rivian Automotive, Inc. will post -2.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Claire McDonough sold 8,023 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the transaction, the chief financial officer directly owned 819,178 shares of the company’s stock, valued at $13,106,848. This represents a 0.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael John Callahan sold 15,000 shares of the stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $15.00, for a total value of $225,000.00. Following the transaction, the insider owned 1,001,776 shares in the company, valued at $15,026,640. This trade represents a 1.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 51,167 shares of company stock valued at $788,306 over the last 90 days. Company insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp purchased a new position in Rivian Automotive during the second quarter valued at $49,915,000. Hsbc Holdings PLC increased its stake in shares of 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 worth $46,625,000 after purchasing an additional 1,109,171 shares in the last quarter. USS Investment Management Ltd purchased a new stake in shares of Rivian Automotive during the first quarter worth about $12,683,000. Andra AP fonden purchased a new stake in shares of Rivian Automotive during the second quarter worth about $6,923,000. Finally, Quantinno Capital Management LP increased its stake in shares of Rivian Automotive by 126.4% during the first quarter. Quantinno Capital Management LP now owns 471,963 shares of the electric vehicle automaker’s stock worth $7,103,000 after purchasing an additional 263,478 shares in the last quarter. 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.