Rivian Automotive (NASDAQ:RIVN) Trading Down 1.1% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was down 1.1% during mid-day trading on Monday . The company traded as low as $20.33 and last traded at $20.67. Approximately 20,127,347 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 39,052,559 shares. The stock had previously closed at $20.90.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RIVN. Robert W. Baird raised shares of Rivian Automotive from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $14.00 to $25.00 in a report on Thursday, December 18th. Baird R W upgraded shares of Rivian Automotive from a “hold” rating to a “strong-buy” rating in a research report on Thursday, December 18th. Wall Street Zen upgraded Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Morgan Stanley restated an “underweight” rating and set a $12.00 target price on shares of Rivian Automotive in a research report on Monday, December 8th. Finally, Wedbush upped their target price on Rivian Automotive from $16.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, December 19th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, thirteen have issued a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $15.73.

Rivian Automotive Trading Down 1.1%

The stock has a 50 day moving average of $16.40 and a 200 day moving average of $14.48. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The firm has a market cap of $25.34 billion, a P/E ratio of -6.65 and a beta of 1.79.

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

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,039 shares of the stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $18.00, for a total transaction of $144,702.00. Following the transaction, the chief financial officer directly owned 730,017 shares in the company, valued at $13,140,306. This trade represents a 1.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $17.53, for a total transaction of $305,898.50. Following the transaction, the chief executive officer directly owned 1,167,559 shares in the company, valued at $20,467,309.27. This trade represents a 1.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 120,154 shares of company stock valued at $2,017,909 over the last quarter. 2.16% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several hedge funds have recently added to or reduced their stakes in RIVN. Assetmark Inc. boosted its position in Rivian Automotive by 315.6% during the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after buying an additional 1,357 shares during the period. Newbridge Financial Services Group Inc. lifted its stake in shares of Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 1,000 shares during the last quarter. Mather Group LLC. purchased a new stake in Rivian Automotive during the 3rd quarter valued at about $30,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Rivian Automotive during the 3rd quarter valued at about $31,000. Finally, Hemington Wealth Management grew its position in Rivian Automotive by 291.0% during the 3rd quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock worth $31,000 after acquiring an additional 1,580 shares during the last quarter. 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.