Rivian Automotive (NASDAQ:RIVN) Trading Down 0.3% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 0.3% during trading on Thursday . The company traded as low as $10.26 and last traded at $10.39. 5,207,265 shares changed hands during trading, a decline of 87% from the average session volume of 39,972,777 shares. The stock had previously closed at $10.42.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $14.00 target price on shares of Rivian Automotive in a research report on Tuesday, September 10th. Cantor Fitzgerald restated an “overweight” rating and issued a $19.00 price objective on shares of Rivian Automotive in a report on Monday, September 30th. Needham & Company LLC lowered their target price on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Mizuho upped their price target on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a report on Friday, July 12th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research note on Friday, August 16th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $17.68.

Rivian Automotive Price Performance

The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The stock has a market capitalization of $10.45 billion, a PE ratio of -1.82 and a beta of 2.03. The stock’s 50-day moving average is $12.77 and its 200 day moving average is $12.26.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. As a group, equities analysts predict that Rivian Automotive, Inc. will post -4.88 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $17.02, for a total value of $1,215,721.58. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $15,482,940.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 241,305 shares of company stock valued at $3,369,273 in the last three months. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Rivian Automotive by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock worth $761,459,000 after buying an additional 1,226,357 shares during the period. Baillie Gifford & Co. boosted its holdings in Rivian Automotive by 30.5% during the second quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock valued at $443,072,000 after acquiring an additional 7,714,788 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Rivian Automotive by 1,521.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after purchasing an additional 5,937,605 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Rivian Automotive by 153.2% in the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after purchasing an additional 3,285,867 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Rivian Automotive by 53.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock worth $39,889,000 after purchasing an additional 1,039,758 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.