Rivian Automotive (NASDAQ:RIVN) Shares Down 4.5% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was down 4.5% during mid-day trading on Thursday . The stock traded as low as $13.58 and last traded at $13.73. Approximately 29,109,292 shares were traded during trading, an increase of 3% from the average daily volume of 28,397,590 shares. The stock had previously closed at $14.37.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on RIVN shares. Stifel Nicolaus lifted their price target on Rivian Automotive from $16.00 to $17.00 and gave the company a “buy” rating in a report on Monday, November 17th. Canaccord Genuity Group reaffirmed a “buy” rating on shares of Rivian Automotive in a research report on Monday, December 15th. Wedbush upped their price objective on shares of Rivian Automotive from $16.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, December 19th. Wall Street Zen lowered shares of Rivian Automotive from a “hold” rating to a “sell” rating in a research note on Friday, January 23rd. Finally, DA Davidson boosted their price target on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Eight 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $16.74.

Rivian Automotive Stock Performance

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 company has a market cap of $16.83 billion, a P/E ratio of -4.41 and a beta of 1.76. The firm has a 50 day moving average price of $17.98 and a 200-day moving average price of $15.26.

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

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,039 shares of the company’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $18.00, for a total transaction of $144,702.00. Following the completion of the sale, the chief financial officer directly owned 730,017 shares in the company, valued at $13,140,306. This represents a 1.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter Krawiec sold 3,655 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $19.45, for a total value of $71,089.75. Following the completion of the sale, the director directly owned 29,122 shares in the company, valued at approximately $566,422.90. This represents a 11.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 172,504 shares of company stock valued at $3,012,734. Company insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its position in Rivian Automotive by 3.3% during the third quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock worth $1,198,967,000 after acquiring an additional 2,597,310 shares during the period. Capital International Investors lifted its stake in shares of Rivian Automotive by 13.4% in the third quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker’s stock valued at $269,395,000 after buying an additional 2,161,394 shares during the period. Geode Capital Management LLC lifted its stake in shares of Rivian Automotive by 4.9% in the second quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock valued at $200,200,000 after buying an additional 689,045 shares during the period. Soma Equity Partners LP raised its holdings in Rivian Automotive by 9.9% in the 3rd quarter. Soma Equity Partners LP now owns 9,204,745 shares of the electric vehicle automaker’s stock valued at $135,126,000 after acquiring an additional 829,782 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Rivian Automotive in the 2nd quarter worth approximately $105,629,000. 66.25% of the stock is owned by institutional investors.

About Rivian Automotive

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.