Rivian Automotive (NASDAQ:RIVN) Trading Down 2.9% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) shares fell 2.9% during trading on Friday . The stock traded as low as $14.70 and last traded at $14.77. 22,127,966 shares traded hands during mid-day trading, a decline of 29% from the average session volume of 30,986,670 shares. The stock had previously closed at $15.21.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RIVN. Evercore reaffirmed an “outperform” rating on shares of Rivian Automotive in a report on Monday, December 15th. Canaccord Genuity Group raised their target price on Rivian Automotive from $21.00 to $22.00 and gave the company a “buy” rating in a report on Friday, March 20th. Stifel Nicolaus boosted their target price on shares of Rivian Automotive from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, February 17th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Rivian Automotive in a research note on Monday, February 9th. Finally, Robert W. Baird upgraded shares of Rivian Automotive from a “neutral” rating to an “outperform” rating and increased their price target for the company from $14.00 to $25.00 in a report on Thursday, December 18th. Eleven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $18.05.

Rivian Automotive Trading Down 2.9%

The firm has a market cap of $18.33 billion, a price-to-earnings ratio of -4.81 and a beta of 1.75. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.89 and a current ratio of 2.33. The business has a fifty day moving average of $15.50 and a two-hundred day moving average of $15.88.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 12th. The electric vehicle automaker reported ($0.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.14. The firm had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.Rivian Automotive’s revenue was down 25.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.70) earnings per share. As a group, equities analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 34,900 shares of Rivian Automotive stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total transaction of $586,320.00. Following the completion of the transaction, the chief executive officer owned 1,044,731 shares of the company’s stock, valued at $17,551,480.80. The trade was a 3.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 27,133 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total transaction of $455,834.40. Following the completion of the sale, the chief financial officer owned 680,836 shares in the company, valued at $11,438,044.80. This represents a 3.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 131,833 shares of company stock valued at $2,196,995. Company insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. lifted its holdings in shares of Rivian Automotive by 6.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 55,391 shares of the electric vehicle automaker’s stock valued at $1,092,000 after purchasing an additional 3,119 shares in the last quarter. Osbon Capital Management LLC purchased a new position in shares of Rivian Automotive during the 4th quarter worth approximately $57,000. Corient Private Wealth LLC raised its position in shares of Rivian Automotive by 41.6% during the 4th quarter. Corient Private Wealth LLC now owns 94,501 shares of the electric vehicle automaker’s stock worth $1,863,000 after purchasing an additional 27,785 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of Rivian Automotive by 2,212.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 62,168 shares of the electric vehicle automaker’s stock worth $1,225,000 after purchasing an additional 59,480 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL lifted its stake in Rivian Automotive by 8,210.2% in the 4th quarter. Strategic Investment Solutions Inc. IL now owns 10,554 shares of the electric vehicle automaker’s stock valued at $208,000 after buying an additional 10,427 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.