Rivian Automotive (NASDAQ:RIVN) Shares Down 1.2% – Here’s What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 1.2% on Thursday. The company traded as low as $14.55 and last traded at $14.76. Approximately 31,996,919 shares were traded during mid-day trading, an increase of 9% from the average daily volume of 29,343,410 shares. The stock had previously closed at $14.94.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings raised shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. UBS Group boosted their price target on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Jefferies Financial Group upped their price objective on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “hold” rating in a research note on Tuesday, July 7th. Morgan Stanley raised their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “underweight” rating in a research note on Friday, July 31st. Finally, Stifel Nicolaus set a $22.00 price target 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $19.00.

Rivian Automotive Trading Down 1.2%

The stock has a market cap of $21.37 billion, a PE ratio of -5.72 and a beta of 1.62. The company’s 50-day moving average price is $15.79 and its 200 day moving average price is $15.88. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.65 and a current ratio of 2.10.

Rivian Automotive (NASDAQ:RIVN) last announced 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. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.52 billion. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The company’s quarterly revenue was up 27.2% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.97) EPS. On average, sell-side analysts forecast that Rivian Automotive, Inc. will post -2.96 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, insider Michael John Callahan sold 15,000 shares of Rivian Automotive stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $16.29, for a total transaction of $244,350.00. Following the completion of the sale, the insider directly owned 1,016,776 shares in the company, valued at $16,563,281.04. This trade represents a 1.45% decrease in their ownership of the stock. The sale was disclosed in a legal 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 company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total transaction of $190,588.00. Following the completion of the transaction, the chief financial officer owned 827,201 shares in the company, valued at approximately $11,994,414.50. This represents a 1.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold a total of 56,167 shares of company stock valued at $963,306 over the last 90 days. 1.48% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of RIVN. MCF Advisors LLC lifted its stake in Rivian Automotive by 3,500.0% during the 2nd quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock worth $31,000 after acquiring an additional 1,750 shares in the last quarter. Ancora Advisors LLC acquired a new position in Rivian Automotive in the 2nd quarter valued at about $44,000. Oslo Pensjonsforsikring AS acquired a new position in Rivian Automotive in the 1st quarter valued at about $39,000. Osbon Capital Management LLC purchased a new stake in Rivian Automotive during the fourth quarter worth about $57,000. Finally, Continuum Advisory LLC acquired a new stake in shares of Rivian Automotive during the second quarter worth about $75,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.