Rivian Automotive (NASDAQ:RIVN) Shares Down 3% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was down 3% during mid-day trading on Monday. The stock traded as low as $13.48 and last traded at $13.54. Approximately 19,733,807 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 29,344,227 shares. The stock had previously closed at $13.96.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RIVN. Cantor Fitzgerald restated a “neutral” rating on shares of Rivian Automotive in a report on Monday, September 28th. UBS Group upped their price objective on Rivian Automotive from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a research note on Friday, October 2nd. Deutsche Bank Aktiengesellschaft lowered Rivian Automotive from a “buy” rating to an “underperform” rating in a report on Tuesday, August 4th. Finally, TD Cowen upped their price target on Rivian Automotive from $20.00 to $21.00 and gave the company a “buy” rating in a report on Friday, July 31st. Twelve analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $19.00.

Rivian Automotive Stock Performance

The business has a fifty day simple moving average of $15.53 and a two-hundred day simple moving average of $15.83. The company has a market cap of $19.60 billion, a P/E ratio of -5.25 and a beta of 1.62. The company has a quick ratio of 1.65, a current ratio of 2.10 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) EPS for the quarter, beating the consensus estimate of ($0.66) by $0.03. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the prior year, the firm earned ($0.97) EPS. The business’s revenue for the quarter was up 27.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -2.95 EPS for the current year.

Insider Buying and Selling

In other news, CFO Claire McDonough sold 8,023 shares of Rivian Automotive stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the transaction, the chief financial officer owned 819,178 shares in the company, valued at $13,106,848. This trade represents a 0.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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 Rivian Automotive 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 transaction, the insider owned 1,001,776 shares in the company, valued at $15,026,640. This represents a 1.48% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 51,167 shares of company stock valued at $788,306. 1.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its holdings in Rivian Automotive by 0.3% in the 1st 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 during the period. Alpine Global Management LLC grew its holdings in Rivian Automotive by 0.7% during the fourth quarter. Alpine Global Management LLC now owns 2,628,299 shares of the electric vehicle automaker’s stock valued at $51,804,000 after purchasing an additional 17,564 shares during the period. Bank of New York Mellon Corp bought a new stake in Rivian Automotive during the second quarter valued at about $49,915,000. Hsbc Holdings PLC increased its position in Rivian Automotive by 55.8% in the first quarter. Hsbc Holdings PLC now owns 3,097,836 shares of the electric vehicle automaker’s stock worth $46,625,000 after buying an additional 1,109,171 shares in the last quarter. Finally, Swiss National Bank increased its position in Rivian Automotive by 8.2% in the first quarter. Swiss National Bank now owns 2,331,000 shares of the electric vehicle automaker’s stock worth $35,082,000 after buying an additional 176,500 shares in 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.