Rivian Automotive (NASDAQ:RIVN) Shares Down 4.4% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) was down 4.4% during mid-day trading on Monday. The company traded as low as $14.75 and last traded at $14.79. Approximately 24,885,237 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 29,401,094 shares. The stock had previously closed at $15.47.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several research analyst reports. TD Cowen raised their price target on Rivian Automotive from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. BNP Paribas Exane boosted their price objective on Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Jefferies Financial Group increased their target price on Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a research note on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft cut Rivian Automotive from a “buy” rating to an “underperform” rating in a report on Tuesday, August 4th. Finally, Wall Street Zen raised Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, September 19th. Twelve research analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $19.00.

Rivian Automotive Stock Performance

The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $21.41 billion, a price-to-earnings ratio of -5.73 and a beta of 1.62. The stock’s fifty day simple moving average is $15.94 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, topping 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 the consensus estimate of $1.52 billion. During the same quarter in the previous year, the firm posted ($0.97) earnings per share. The company’s quarterly revenue was up 27.2% compared to the same quarter last year. Analysts predict that Rivian Automotive, Inc. will post -2.96 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, CFO Claire McDonough sold 13,144 shares of Rivian Automotive stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total value of $190,588.00. Following the completion of the transaction, the chief financial officer directly owned 827,201 shares in the company, valued at approximately $11,994,414.50. This trade represents a 1.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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. Also, Director Karen Boone sold 20,000 shares of the business’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $20.00, for a total value of $400,000.00. Following the transaction, the director directly owned 110,000 shares of the company’s stock, valued at $2,200,000. The trade was a 15.38% decrease in their ownership of the stock. 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 three months, insiders sold 56,167 shares of company stock worth $963,306. Company insiders own 1.48% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in RIVN. Parallel Advisors LLC grew its stake in Rivian Automotive by 4.0% during the 1st 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 last quarter. Tradition Wealth Management LLC increased its position in Rivian Automotive by 5.7% during the fourth quarter. Tradition Wealth Management LLC now owns 14,056 shares of the electric vehicle automaker’s stock worth $277,000 after buying an additional 753 shares during the period. Reynders McVeigh Capital Management LLC lifted its stake in Rivian Automotive by 6.8% in the second quarter. Reynders McVeigh Capital Management LLC now owns 15,767 shares of the electric vehicle automaker’s stock valued at $274,000 after buying an additional 1,000 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Rivian Automotive by 2.0% in the second quarter. Assenagon Asset Management S.A. now owns 56,758 shares of the electric vehicle automaker’s stock valued at $985,000 after buying an additional 1,134 shares during the last quarter. Finally, Grey Fox Wealth Advisors LLC boosted its holdings in shares of 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 acquiring an additional 1,151 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.