Rivian Automotive (NASDAQ:RIVN) Shares Down 1.5% - Here's What Happened

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.

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded down 1.5% during trading on Thursday . The company traded as low as $12.94 and last traded at $12.84. 6,265,214 shares changed hands during trading, a decline of 81% from the average session volume of 32,158,641 shares. The stock had previously closed at $13.03.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Stifel Nicolaus upped their price target on Rivian Automotive from $16.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Jefferies Financial Group restated a "hold" rating and issued a $16.00 target price on shares of Rivian Automotive in a research note on Wednesday, May 14th. Cantor Fitzgerald restated a "neutral" rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Wednesday, May 7th. Guggenheim lowered Rivian Automotive from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Finally, Mizuho increased their target price on Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Four research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, Rivian Automotive presently has an average rating of "Hold" and an average target price of $14.38.

Rivian Automotive Trading Down 3.8%

The business has a fifty day simple moving average of $13.69 and a 200-day simple moving average of $13.03. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73. The firm has a market cap of $14.00 billion, a price-to-earnings ratio of -3.33 and a beta of 1.80.

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

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,428 shares of the stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the transaction, the chief executive officer owned 1,483,111 shares in the company, valued at approximately $22,780,584.96. This represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the sale, the chief financial officer owned 824,875 shares in the company, valued at $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 205,694 shares of company stock valued at $3,144,612. Insiders own 2.16% of the company's stock.

Institutional Trading of Rivian Automotive

Hedge funds have recently bought and sold shares of the business. PFS Partners LLC lifted its holdings in Rivian Automotive by 1,882.0% during the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after acquiring an additional 1,882 shares during the period. Banque Transatlantique SA grew its position in shares of Rivian Automotive by 13,194.1% in the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock valued at $26,000 after purchasing an additional 2,243 shares in the last quarter. Fairman Group LLC purchased a new position in shares of Rivian Automotive in the second quarter valued at $31,000. Orion Capital Management LLC purchased a new position in shares of Rivian Automotive in the fourth quarter valued at $34,000. Finally, WPG Advisers LLC purchased a new position in Rivian Automotive during the first quarter worth about $34,000. 66.25% of the stock is currently owned by institutional investors.

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.