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

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price gapped down before the market opened on Friday . The stock had previously closed at $13.61, but opened at $12.71. Rivian Automotive shares last traded at $13.05, with a volume of 24,915,746 shares changing hands.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Royal Bank of Canada reduced their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Truist Financial raised their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Guggenheim reduced their price target on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. The Goldman Sachs Group raised their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Finally, Bank of America downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $20.00 to $13.00 in a research note on Friday, November 8th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and a consensus target price of $15.50.

Rivian Automotive Price Performance

The firm has a market cap of $13.31 billion, a PE ratio of -2.33 and a beta of 2.04. The stock’s fifty day moving average price is $13.59 and its 200-day moving average price is $12.54. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 72.78% and a negative net margin of 121.38%. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. As a group, equities analysts forecast that Rivian Automotive, Inc. will post -4.7 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 35,713 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $11,879,847.36. This represents a 3.97 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 366,788 shares of company stock valued at $5,024,431. 2.51% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of RIVN. Tandem Financial LLC acquired a new position in Rivian Automotive in the fourth quarter valued at $25,000. Bank of Jackson Hole Trust acquired a new stake in Rivian Automotive during the 4th quarter worth approximately $27,000. Wilmington Savings Fund Society FSB purchased a new position in Rivian Automotive in the third quarter valued at approximately $28,000. GHP Investment Advisors Inc. lifted its position in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 1,002 shares in the last quarter. Finally, American Capital Advisory LLC grew its stake in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after buying an additional 2,111 shares during the period. Hedge funds and other 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.