Rivian Automotive (NASDAQ:RIVN) Shares Down 1.2% - Here's What Happened

Key Points

• Rivian shares fell 1.2% in mid-day trading Monday, hitting an intraday low of $17.07 before last trading at $17.24 on volume well below average.
• Analyst sentiment remains mixed but cautious: Rivian’s consensus rating is currently Hold, with a consensus price target of $18.86 despite several firms maintaining buy ratings and price targets above $22.
• Recent filings showed notable insider selling, including director Karen Boone and CEO Robert J. Scaringe, while institutional investors still own a large majority of the stock at 66.25%.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares were down 1.2% during mid-day trading on Monday . The stock traded as low as $17.07 and last traded at $17.24. Approximately 15,822,734 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 31,947,197 shares. The stock had previously closed at $17.45.

Analysts Set New Price Targets

Several research firms have recently weighed in on RIVN. Weiss Ratings upgraded Rivian Automotive from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, July 6th. Canaccord Genuity Group restated a "buy" rating and issued a $22.00 price objective on shares of Rivian Automotive in a research note on Monday, April 6th. Needham & Company LLC reaffirmed a "buy" rating and set a $23.00 price objective on shares of Rivian Automotive in a report on Wednesday, June 10th. Cantor Fitzgerald reiterated a "neutral" rating on shares of Rivian Automotive in a research report on Monday, June 15th. Finally, Wall Street Zen upgraded shares of Rivian Automotive from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 10th. Twelve analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and six have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $18.86.

Rivian Automotive Trading Down 1.2%

The firm has a 50-day simple moving average of $16.04 and a 200-day simple moving average of $16.07. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. The stock has a market cap of $23.47 billion, a PE ratio of -5.90 and a beta of 1.60.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share for the quarter, beating the consensus estimate of ($0.60) by $0.05. The company had revenue of $1.38 billion during the quarter, compared to analysts' expectations of $1.37 billion. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The firm's quarterly revenue was up 11.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.48) earnings per share. Equities analysts forecast that Rivian Automotive, Inc. will post -3.06 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, Director Karen Boone sold 20,000 shares of the company's stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $20.00, for a total transaction of $400,000.00. Following the sale, the director directly owned 110,000 shares in the company, valued at $2,200,000. This represents a 15.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $15.00, for a total transaction of $522,270.00. Following the completion of the sale, the chief executive officer directly owned 922,286 shares in the company, valued at approximately $13,834,290. The trade was a 3.64% 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 78,630 shares of company stock valued at $1,309,504 in the last quarter. 1.48% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Capital International Investors raised its position in shares of Rivian Automotive by 13.2% in the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker's stock worth $409,374,000 after buying an additional 2,418,717 shares in the last quarter. Renaissance Technologies LLC grew its position in Rivian Automotive by 32.4% during the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker's stock worth $323,195,000 after buying an additional 4,012,386 shares in the last quarter. Geode Capital Management LLC grew its position in Rivian Automotive by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker's stock worth $290,568,000 after buying an additional 59,503 shares in the last quarter. Norges Bank bought a new position in Rivian Automotive in the 4th quarter worth about $220,323,000. Finally, Soma Equity Partners LP increased its stake in Rivian Automotive by 9.9% in the 3rd quarter. Soma Equity Partners LP now owns 9,204,745 shares of the electric vehicle automaker's stock worth $135,126,000 after acquiring an additional 829,782 shares during the last quarter. 66.25% of the stock is owned by 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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