Rivian Automotive (NASDAQ:RIVN) Shares Down 2.2% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price fell 2.2% during trading on Thursday . The company traded as low as $10.88 and last traded at $11.11. 9,032,902 shares changed hands during trading, a decline of 75% from the average session volume of 36,824,056 shares. The stock had previously closed at $11.36.

Wall Street Analyst Weigh In

A number of research firms have recently commented on RIVN. Needham & Company LLC raised their target price on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Baird R W lowered shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Benchmark reaffirmed a “buy” rating and set a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday. Truist Financial boosted their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Stock Down 4.4 %

The stock has a market capitalization of $12.28 billion, a PE ratio of -2.30 and a beta of 2.03. The firm’s fifty day moving average is $12.52 and its 200-day moving average is $12.20. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, equities research analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock worth $2,735,619 over the last ninety days. 2.51% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its holdings in Rivian Automotive by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock worth $63,055,000 after acquiring an additional 133,781 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Rivian Automotive by 42.7% in the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock valued at $2,404,000 after buying an additional 54,053 shares during the period. SBI Securities Co. Ltd. bought a new stake in Rivian Automotive in the 4th quarter valued at about $1,382,000. Alberta Investment Management Corp acquired a new position in Rivian Automotive during the 4th quarter valued at about $6,648,000. Finally, Illinois Municipal Retirement Fund boosted its stake in Rivian Automotive by 36.6% during the 4th quarter. Illinois Municipal Retirement Fund now owns 148,423 shares of the electric vehicle automaker’s stock valued at $1,974,000 after purchasing an additional 39,751 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

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.