Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.1% - Here's Why

Key Points

• Rivian shares fell 1.1% to $16.00 in mid-day trading, with volume down 38% from the average session. The company has a market capitalization of approximately $23.17 billion.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $19.05. Targets range from $14 to $22, including recent upgrades from Wells Fargo, TD Cowen, Morgan Stanley and UBS.
• Rivian beat quarterly earnings and revenue expectations, reporting a loss of $0.63 per share on $1.66 billion in revenue, though it remains unprofitable with a negative net margin of 54.96%. Insiders sold shares recently, while institutional investors own 66.25% of the company.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares fell 1.1% during mid-day trading on Wednesday . The stock traded as low as $15.93 and last traded at $16.00. 18,413,416 shares changed hands during mid-day trading, a decline of 38% from the average session volume of 29,919,742 shares. The stock had previously closed at $16.17.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Wells Fargo & Company increased their price target on shares of Rivian Automotive from $15.00 to $16.00 and gave the company an "equal weight" rating in a research report on Friday, July 31st. TD Cowen boosted their price objective on shares of Rivian Automotive from $20.00 to $21.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Morgan Stanley increased their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an "underweight" rating in a research report on Friday, July 31st. Stifel Nicolaus set a $22.00 target price on shares of Rivian Automotive in a research note on Monday, August 24th. Finally, UBS Group lifted their price target on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. Twelve investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $19.05.

Rivian Automotive Trading Down 1.1%

The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65. The stock has a market cap of $23.17 billion, a price-to-earnings ratio of -6.20 and a beta of 1.62. The company's fifty day moving average price is $16.52 and its 200-day moving average price is $15.89.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts' consensus estimates of ($0.66) by $0.03. The company had revenue of $1.66 billion during the quarter, compared to analysts' expectations of $1.52 billion. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. Rivian Automotive's revenue for the quarter was up 27.2% on a year-over-year basis. During the same period last year, the business earned ($0.97) EPS. On average, research analysts expect that Rivian Automotive, Inc. will post -2.98 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire McDonough sold 8,023 shares of the business's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the sale, the chief financial officer directly owned 819,178 shares of the company's stock, valued at $13,106,848. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 20,000 shares of the firm's stock in a transaction on Monday, July 6th. The stock was sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the transaction, the director owned 110,000 shares of the company's stock, valued at $2,200,000. This trade represents a 15.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 41,167 shares of company stock valued at $718,956 over the last quarter. Insiders own 1.48% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Tidal Investments LLC lifted its holdings in shares of Rivian Automotive by 2.3% during the second quarter. Tidal Investments LLC now owns 292,956 shares of the electric vehicle automaker's stock worth $5,083,000 after purchasing an additional 6,566 shares during the period. MCF Advisors LLC increased its holdings in Rivian Automotive by 3,500.0% in the 2nd quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker's stock worth $31,000 after buying an additional 1,750 shares during the period. National Pension Service purchased a new position in Rivian Automotive during the 2nd quarter worth approximately $790,000. Integrated Wealth Concepts LLC lifted its stake in Rivian Automotive by 21.4% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 33,437 shares of the electric vehicle automaker's stock valued at $580,000 after acquiring an additional 5,896 shares during the period. Finally, Baird Financial Group Inc. lifted its stake in Rivian Automotive by 163.9% during the 2nd quarter. Baird Financial Group Inc. now owns 289,693 shares of the electric vehicle automaker's stock valued at $5,026,000 after acquiring an additional 179,913 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.

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