Rivian Automotive (NASDAQ:RIVN) Trading Down 1.4% - What's Next?

Key Points

• Rivian shares fell 1.4% to $15.14 in midday trading, with volume about 33% below the stock’s average daily level.
• Analysts maintain a consensus “Hold” rating and a $19.00 target price, although several firms recently raised their individual targets.
• Rivian beat quarterly expectations with a $0.63 per-share loss versus the projected $0.66 loss and $1.66 billion in revenue, but it remains deeply unprofitable, with a negative 54.96% net margin.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price fell 1.4% during trading on Tuesday . The company traded as low as $15.06 and last traded at $15.14. Approximately 19,915,385 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 29,591,775 shares. The stock had previously closed at $15.36.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RIVN. TD Cowen increased their target price on shares of Rivian Automotive from $20.00 to $21.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Jefferies Financial Group boosted their target price on Rivian Automotive from $16.00 to $17.00 and gave the company a "hold" rating in a research note on Tuesday, July 7th. UBS Group boosted their price target on Rivian Automotive from $16.00 to $17.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Wall Street Zen upgraded shares of Rivian Automotive from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $19.00 price objective on shares of Rivian Automotive in a research report on Tuesday, July 28th. Twelve investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and seven have assigned a Sell rating to the company. According to MarketBeat.com, Rivian Automotive has a consensus rating of "Hold" and a consensus target price of $19.00.

Rivian Automotive Stock Performance

The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87. The firm has a 50-day moving average of $16.12 and a 200-day moving average of $15.91. The stock has a market capitalization of $21.92 billion, a price-to-earnings ratio of -5.87 and a beta of 1.62.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.66) by $0.03. The firm 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%. The firm's revenue was up 27.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.97) earnings per share. As a group, sell-side analysts predict that Rivian Automotive, Inc. will post -2.98 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Michael John Callahan sold 15,000 shares of the company's stock in a transaction on Friday, September 11th. The shares were sold at an average price of $16.29, for a total transaction 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 represents a 1.45% decrease in their ownership of the stock. The transaction 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, CFO Claire McDonough sold 8,023 shares of the company's stock in a transaction dated 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 approximately $13,106,848. This represents a 0.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 56,167 shares of company stock valued at $963,306 in the last 90 days. 1.48% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Andra AP fonden purchased a new stake in Rivian Automotive in the second quarter valued at $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 during the period. Tidal Investments LLC raised its stake in shares of Rivian Automotive by 2.3% in 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 in the last quarter. MCF Advisors LLC grew its position in shares of Rivian Automotive by 3,500.0% during the second 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 in the last quarter. Finally, National Pension Service acquired a new position in Rivian Automotive during the 2nd quarter worth approximately $790,000. Institutional investors and hedge funds own 66.25% of the company's stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.

Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.