Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.1% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 1.1% during mid-day trading on Monday . The stock traded as low as $15.74 and last traded at $15.86. 16,649,142 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 29,716,238 shares. The stock had previously closed at $16.03.

Analyst Ratings Changes

A number of equities analysts have recently commented on RIVN shares. Wells Fargo & Company raised their target price on shares of Rivian Automotive from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Friday, July 31st. BNP Paribas Exane boosted their price target on Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft cut Rivian Automotive from a “buy” rating to an “underperform” rating in a research note on Tuesday, August 4th. TD Cowen raised their price objective on Rivian Automotive from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Finally, Stifel Nicolaus set a $22.00 target price on Rivian Automotive in a research report on Monday, August 24th. Twelve analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have given a Sell rating to the stock. According to MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $19.00.

Rivian Automotive Trading Down 1.1%

The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.65 and a current ratio of 2.10. The company has a market capitalization of $22.96 billion, a P/E ratio of -6.15 and a beta of 1.62. The company’s fifty day simple moving average is $16.39 and its 200-day simple moving average is $15.91.

Rivian Automotive (NASDAQ:RIVN) last posted 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 business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the previous year, the business posted ($0.97) EPS. The company’s quarterly revenue was up 27.2% compared to the same quarter last year. Research analysts predict that Rivian Automotive, Inc. will post -2.98 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, Director Karen Boone sold 20,000 shares of the company’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $20.00, for a total transaction of $400,000.00. Following the completion of the sale, the director owned 110,000 shares in the company, valued at $2,200,000. This represents a 15.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 13,144 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $14.50, for a total value of $190,588.00. Following the sale, the chief financial officer directly owned 827,201 shares in the company, valued at $11,994,414.50. This trade represents a 1.56% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 41,167 shares of company stock worth $718,956. 1.48% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RIVN. Parallel Advisors LLC increased its stake in shares of Rivian Automotive by 4.0% during the first quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock worth $242,000 after buying an additional 613 shares during the period. Tradition Wealth Management LLC raised its holdings in shares of Rivian Automotive by 5.7% in the 4th quarter. Tradition Wealth Management LLC now owns 14,056 shares of the electric vehicle automaker’s stock valued at $277,000 after purchasing an additional 753 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Rivian Automotive by 2.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 56,758 shares of the electric vehicle automaker’s stock worth $985,000 after purchasing an additional 1,134 shares during the last quarter. MTM Investment Management LLC grew its stake in shares of Rivian Automotive by 115.0% during the fourth quarter. MTM Investment Management LLC now owns 2,150 shares of the electric vehicle automaker’s stock worth $42,000 after purchasing an additional 1,150 shares in the last quarter. Finally, Grey Fox Wealth Advisors LLC raised its stake in Rivian Automotive by 6.5% in the fourth quarter. Grey Fox Wealth Advisors LLC now owns 18,756 shares of the electric vehicle automaker’s stock valued at $370,000 after buying an additional 1,151 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

About Rivian Automotive

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.

Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.