Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.8% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shares fell 2.8% during mid-day trading on Friday . The stock traded as low as $14.50 and last traded at $14.75. 24,019,637 shares changed hands during mid-day trading, a decline of 18% from the average session volume of 29,137,729 shares. The stock had previously closed at $15.17.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. UBS Group reaffirmed a “sell” rating and set a $15.00 price target (up previously from $13.00) on shares of Rivian Automotive in a research report on Wednesday, January 14th. Evercore ISI reaffirmed an “outperform” rating on shares of Rivian Automotive in a research report on Monday, December 15th. Mizuho reissued an “underperform” rating and set a $10.00 price target (down previously from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. Morgan Stanley restated an “underweight” rating and set a $12.00 price target on shares of Rivian Automotive in a research note on Monday, December 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rivian Automotive in a research note on Thursday, January 22nd. Eight equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have given a Sell rating to the company. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and an average target price of $16.74.

Rivian Automotive Price Performance

The company has a market cap of $18.08 billion, a price-to-earnings ratio of -4.74 and a beta of 1.77. The company’s 50-day simple moving average is $18.06 and its 200-day simple moving average is $15.20. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23.

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

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 52,350 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total value of $869,010.00. Following the transaction, the chief executive officer directly owned 1,246,405 shares of the company’s stock, valued at $20,690,323. This represents a 4.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 21,210 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total value of $363,539.40. Following the transaction, the chief financial officer owned 738,056 shares of the company’s stock, valued at approximately $12,650,279.84. This trade represents a 2.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 172,504 shares of company stock worth $3,012,734. 2.16% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several institutional investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Rivian Automotive in the 2nd quarter valued at about $105,629,000. Vanguard Group Inc. raised its stake in Rivian Automotive by 3.3% during the third quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock worth $1,198,967,000 after acquiring an additional 2,597,310 shares during the period. Capital International Investors lifted its holdings in Rivian Automotive by 13.4% in the third quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker’s stock worth $269,395,000 after acquiring an additional 2,161,394 shares during the last quarter. AQR Capital Management LLC boosted its stake in Rivian Automotive by 496.6% in the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after acquiring an additional 1,918,852 shares during the period. Finally, Worldquant Millennium Advisors LLC grew its holdings in shares of Rivian Automotive by 1,353.6% during the second quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker’s stock valued at $28,281,000 after purchasing an additional 1,916,686 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.