Rivian Automotive (NASDAQ:RIVN) Shares Down 2.1% - What's Next?

Key Points

• Rivian Automotive's shares fell 2.1% to close at $12.92, with increased trading volume of approximately 41 million shares.
• Analyst ratings have varied, with Guggenheim downgrading Rivian to "neutral", while Goldman Sachs increased the price target from $12 to $15.
• Rivian reported a loss of ($0.97) EPS in its latest quarter, falling short of expectations, but its revenue increased by 12.5% year-over-year.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) dropped 2.1% on Wednesday . The stock traded as low as $12.72 and last traded at $12.92. Approximately 41,251,836 shares traded hands during trading, an increase of 15% from the average daily volume of 35,938,941 shares. The stock had previously closed at $13.20.

Analyst Ratings Changes

A number of research analysts recently weighed in on RIVN shares. Guggenheim downgraded Rivian Automotive from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Zacks Research lowered Rivian Automotive from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 14th. JPMorgan Chase & Co. boosted their price objective on shares of Rivian Automotive from $9.00 to $10.00 and gave the stock an "underweight" rating in a report on Monday. UBS Group boosted their price objective on Rivian Automotive from $12.00 to $13.00 and gave the company a "neutral" rating in a research report on Monday, October 6th. Finally, The Goldman Sachs Group boosted their price target on shares of Rivian Automotive from $12.00 to $15.00 and gave the company a "neutral" rating in a report on Monday, September 29th. Five investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus target price of $13.76.

Rivian Automotive Trading Down 2.1%

The stock has a market cap of $15.68 billion, a P/E ratio of -4.00 and a beta of 1.82. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. The business's fifty day simple moving average is $13.65 and its 200 day simple moving average is $13.47.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly 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 the consensus estimate 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 revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.46) EPS. As a group, analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 7,247 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the transaction, the chief financial officer directly owned 789,445 shares in the company, valued at $9,694,384.60. This trade represents a 0.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the firm's stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the transaction, the chief executive officer owned 1,316,205 shares in the company, valued at approximately $18,426,870. This trade represents a 1.31% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,147 shares of company stock worth $577,593. Insiders own 2.16% of the company's stock.

Institutional Trading of Rivian Automotive

Institutional investors have recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB lifted its stake in Rivian Automotive by 1,363.8% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 19,059 shares of the electric vehicle automaker's stock valued at $280,000 after acquiring an additional 17,757 shares in the last quarter. U S Global Investors Inc. bought a new position in Rivian Automotive during the 3rd quarter worth $279,000. GAM Holding AG bought a new position in Rivian Automotive during the third quarter worth about $304,000. SteelPeak Wealth LLC increased its position in Rivian Automotive by 7.7% during the third quarter. SteelPeak Wealth LLC now owns 14,494 shares of the electric vehicle automaker's stock worth $213,000 after acquiring an additional 1,036 shares during the period. Finally, Mather Group LLC. bought a new position in shares of Rivian Automotive during the third quarter worth approximately $30,000. 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.

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