Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.2% - Here's Why

Key Points

• Rivian shares fell 1.2% to $14.76 in midday trading, with volume about 9% above the daily average.
• Analyst sentiment remains mixed: 12 analysts rate the stock a Buy, nine a Hold and seven a Sell, producing a consensus Hold rating and a $19 price target.
• Rivian exceeded quarterly expectations with an adjusted loss of $0.63 per share versus estimates of $0.66 and revenue of $1.66 billion, up 27.2% year over year, though the company remains unprofitable and insiders sold 56,167 shares worth $963,306 over the past 90 days.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price traded down 1.2% during trading on Thursday. The company traded as low as $14.55 and last traded at $14.76. Approximately 31,996,919 shares changed hands during mid-day trading, an increase of 9% from the average daily volume of 29,343,410 shares. The stock had previously closed at $14.94.

Analyst Ratings Changes

RIVN has been the topic of a number of research analyst reports. Citigroup started coverage on Rivian Automotive in a research note on Monday, September 14th. They set a "hold" rating and a $18.00 price target on the stock. BNP Paribas Exane upped their price target on shares of Rivian Automotive from $22.00 to $24.00 and gave the company an "outperform" rating in a research note on Wednesday, July 8th. Piper Sandler raised shares of Rivian Automotive from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $18.00 to $20.00 in a report on Monday, July 27th. Stifel Nicolaus set a $22.00 price objective on shares of Rivian Automotive in a report on Monday, August 24th. Finally, Cantor Fitzgerald reissued a "neutral" rating on shares of Rivian Automotive in a research report on Monday. Twelve equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $19.00.

Rivian Automotive Trading Down 1.2%

The firm has a market cap of $21.37 billion, a price-to-earnings ratio of -5.72 and a beta of 1.62. The company has a fifty day moving average price of $15.79 and a 200-day moving average price of $15.88. The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.66) by $0.03. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the company posted ($0.97) earnings per share. Rivian Automotive's revenue for the quarter was up 27.2% on a year-over-year basis. As a group, research analysts expect that Rivian Automotive, Inc. will post -2.96 EPS for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, Director Karen Boone sold 20,000 shares of the firm's stock in a transaction that occurred 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 sale, the director directly owned 110,000 shares of the company's stock, valued at approximately $2,200,000. This trade represents a 15.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael John Callahan sold 15,000 shares of the business's stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $16.29, for a total value of $244,350.00. Following the completion of the sale, the insider owned 1,016,776 shares of the company's stock, valued at $16,563,281.04. This trade represents a 1.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 56,167 shares of company stock worth $963,306 in the last 90 days. Corporate insiders own 1.48% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. raised its position in shares of Rivian Automotive by 7.5% during the 2nd quarter. QRG Capital Management Inc. now owns 36,564 shares of the electric vehicle automaker's stock worth $634,000 after purchasing an additional 2,546 shares during the last quarter. Andra AP fonden acquired a new stake in Rivian Automotive in the 2nd quarter worth about $6,923,000. Reynders McVeigh Capital Management LLC increased its stake in Rivian Automotive by 6.8% during the 2nd quarter. Reynders McVeigh Capital Management LLC now owns 15,767 shares of the electric vehicle automaker's stock worth $274,000 after buying an additional 1,000 shares in the last quarter. Tidal Investments LLC raised 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 valued at $5,083,000 after acquiring an additional 6,566 shares during the last quarter. Finally, MCF Advisors LLC lifted its position in shares of Rivian Automotive by 3,500.0% in the second quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker's stock valued at $31,000 after acquiring an additional 1,750 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an electric vehicle manufacturer focused on developing and producing vehicles designed for adventure, utility and commercial use. The company's lineup includes the R1T electric pickup truck and R1S electric SUV, which feature all-electric powertrains, advanced driver-assistance technology and software-enabled vehicle systems.

Rivian also develops electric commercial vehicles, including delivery vans, along with vehicle software, charging solutions and related services.

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