Rivian Automotive (NASDAQ:RIVN) Trading Down 1% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was down 1% during trading on Monday . The stock traded as low as $10.26 and last traded at $10.40. Approximately 6,253,145 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 39,821,352 shares. The stock had previously closed at $10.50.

Analyst Ratings Changes

RIVN has been the subject of several research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a research report on Monday, September 30th. DA Davidson upped their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, June 28th. Wolfe Research began coverage on Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. Finally, The Goldman Sachs Group cut their price target on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $17.68.

Rivian Automotive Price Performance

The stock’s 50 day moving average price is $12.77 and its 200-day moving average price is $12.28. 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 $10.43 billion, a PE ratio of -1.74 and a beta of 2.03.

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 the consensus estimate of ($1.25) by ($0.14). The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. As a group, equities analysts forecast that Rivian Automotive, Inc. will post -4.88 EPS for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 241,305 shares of company stock valued at $3,369,273 over the last three months. 2.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently modified their holdings of RIVN. Quent Capital LLC raised its holdings in shares of Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 2,380 shares during the last quarter. Benjamin Edwards Inc. acquired a new stake in Rivian Automotive during the 1st quarter worth about $33,000. Fairman Group LLC purchased a new stake in Rivian Automotive during the 4th quarter valued at about $36,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Rivian Automotive in the second quarter valued at about $37,000. Institutional investors and hedge funds 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.