Rivian Automotive (NASDAQ:RIVN) Shares Down 1.5% - What's Next?

Key Points

• Rivian Automotive's stock price dropped 1.5% during trading, with shares last trading at $11.76 after hitting a low of $11.58, marking a significant decline in volume compared to previous trading days.
• Analysts have mixed views on Rivian, with ratings ranging from "buy" to "sell"; the company currently holds a consensus rating of "Hold" and an average price target of $13.73.
• Despite a year-over-year revenue increase of 12.5%, Rivian reported a loss of ($0.97) EPS, missing analyst estimates and forecasting a negative earnings per share of -3.2 for the current fiscal year.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price dropped 1.5% during mid-day trading on Tuesday . The stock traded as low as $11.58 and last traded at $11.76. Approximately 8,109,931 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 32,898,875 shares. The stock had previously closed at $11.93.

Wall Street Analyst Weigh In

RIVN has been the subject of several recent analyst reports. Guggenheim downgraded shares of Rivian Automotive from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Canaccord Genuity Group cut their price objective on shares of Rivian Automotive from $23.00 to $21.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Jefferies Financial Group restated a "hold" rating and set a $16.00 price objective on shares of Rivian Automotive in a research report on Wednesday, May 14th. Wells Fargo & Company lowered their target price on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Finally, Stifel Nicolaus lowered their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Friday. Four analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive currently has a consensus rating of "Hold" and an average price target of $13.73.

Rivian Automotive Trading Up 0.1%

The company has a market cap of $13.51 billion, a price-to-earnings ratio of -3.70 and a beta of 1.80. The business's fifty day moving average price is $13.33 and its 200 day moving average price is $12.96. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The firm had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. Rivian Automotive's quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.46) EPS. Research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 17,185 shares of the business's stock in a transaction 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 owned 824,875 shares in the company, valued at $12,694,826.25. The trade was a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 107,144 shares of Rivian Automotive stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the completion of the sale, the chief executive officer directly owned 1,483,111 shares of the company's stock, valued at approximately $22,617,442.75. This trade represents a 6.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 195,757 shares of company stock worth $2,995,557. 2.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Assetmark Inc. boosted its stake in Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker's stock valued at $25,000 after purchasing an additional 1,357 shares during the last quarter. PFS Partners LLC increased its stake in Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after buying an additional 1,882 shares during the last quarter. Fairman Group LLC purchased a new stake in Rivian Automotive in the 2nd quarter valued at about $31,000. Banque Transatlantique SA increased its stake in Rivian Automotive by 13,194.1% in the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock valued at $26,000 after buying an additional 2,243 shares during the last quarter. Finally, Orion Capital Management LLC bought a new position in shares of Rivian Automotive during the 4th quarter valued at approximately $34,000. 66.25% of the stock is owned by institutional investors.

About Rivian Automotive

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.

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