Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.5% - Here's Why

Key Points

• Rivian Automotive's share price declined by 1.5%, trading at $12.84 after reaching a low of $12.94, with an unusually low trading volume that was 81% below average.
• Despite recent analyst upgrades and downgrades, the consensus rating for Rivian Automotive is currently a "Hold" with an average target price of **$14.38**.
• Insiders, including CEO Robert J. Scaringe, have sold shares recently, with a total of **205,694 shares** sold over the past ninety days, indicating a 6.74% decrease in Scaringe's ownership.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price was down 1.5% during trading on Thursday . The company traded as low as $12.94 and last traded at $12.84. Approximately 6,265,214 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 32,158,641 shares. The stock had previously closed at $13.03.

Wall Street Analyst Weigh In

RIVN has been the topic of several analyst reports. Guggenheim cut Rivian Automotive from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Piper Sandler lifted their price target on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a report on Thursday, May 22nd. Mizuho boosted their target price on Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Stifel Nicolaus lifted their price target on Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Finally, Wedbush reduced their price target on Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Four equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $14.38.

Rivian Automotive Price Performance

The business has a 50-day simple moving average of $13.75 and a 200 day simple moving average of $13.04. The firm has a market cap of $14.16 billion, a P/E ratio of -3.37 and a beta of 1.81. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, beating analysts' consensus estimates of ($0.80) by $0.23. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $981.52 million. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. Rivian Automotive's quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.48) EPS. On average, analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 107,144 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the completion of the transaction, the chief executive officer owned 1,483,111 shares of the company's stock, valued at $22,617,442.75. This represents a 6.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 17,185 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the transaction, the chief financial officer directly owned 824,875 shares of the company's stock, valued at $12,694,826.25. The trade was a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 205,694 shares of company stock valued at $3,144,612 in the last ninety days. 2.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Teacher Retirement System of Texas bought a new position in shares of Rivian Automotive in the 1st quarter worth approximately $1,382,000. Twinbeech Capital LP bought a new position in shares of Rivian Automotive in the 4th quarter worth approximately $29,944,000. Symmetry Investments LP bought a new position in shares of Rivian Automotive in the 4th quarter worth approximately $357,000. Mmbg Investment Advisors CO. bought a new position in shares of Rivian Automotive in the 1st quarter worth approximately $274,000. Finally, Geode Capital Management LLC raised its position in shares of Rivian Automotive by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after acquiring an additional 227,168 shares in the last quarter. Institutional investors own 66.25% of the company's stock.

Rivian Automotive Company Profile

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.