Rivian Automotive (NASDAQ:RIVN) Shares Down 7.4% - What's Next?

Key Points

• Rivian Automotive's shares fell by 7.4% during trading, reaching a low of $13.21, with a significant trading volume that surpassed the average by 108%.
• Analysts have mostly issued a "Hold" rating for Rivian, with an average target price of $13.85, while some have downgraded the stock to "Sell" or "Neutral."
• The company's recent earnings report showed a loss per share of ($0.97), missing estimates, although revenue increased by 12.5% year-over-year.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price fell 7.4% during trading on Thursday . The stock traded as low as $13.21 and last traded at $13.53. 75,477,938 shares were traded during mid-day trading, an increase of 108% from the average session volume of 36,335,844 shares. The stock had previously closed at $14.61.

Analyst Ratings Changes

A number of analysts have commented on RIVN shares. Wall Street Zen downgraded Rivian Automotive from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Guggenheim cut Rivian Automotive from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Mizuho increased their price objective on Rivian Automotive from $12.00 to $14.00 and gave the stock a "neutral" rating in a research note on Tuesday, September 23rd. Needham & Company LLC restated a "buy" rating and issued a $14.00 target price on shares of Rivian Automotive in a research note on Monday, August 25th. Finally, Wedbush lowered their target price on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a report on Wednesday, August 6th. Five research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $13.85.

Rivian Automotive Stock Down 7.4%

The business's fifty day simple moving average is $13.50 and its 200 day simple moving average is $13.34. The stock has a market cap of $16.42 billion, a price-to-earnings ratio of -4.19 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.

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

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 7,247 shares of the company's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the sale, the chief financial officer owned 789,445 shares in the company, valued at $9,694,384.60. This represents a 0.91% decrease in their position. The transaction was disclosed in a filing 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 on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the sale, the chief executive officer directly owned 1,316,205 shares in the company, valued at $18,426,870. The trade was a 1.31% decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,147 shares of company stock valued at $577,593 in the last ninety days. Insiders own 2.16% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Rivian Automotive by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker's stock worth $1,086,507,000 after purchasing an additional 1,983,509 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Rivian Automotive by 4.9% in the second quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker's stock valued at $200,200,000 after buying an additional 689,045 shares during the period. Northern Trust Corp boosted its holdings in shares of Rivian Automotive by 11.2% in the first quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker's stock valued at $100,195,000 after buying an additional 809,064 shares during the period. Norges Bank acquired a new stake in shares of Rivian Automotive during the second quarter worth $105,629,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Rivian Automotive by 15.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker's stock worth $80,376,000 after acquiring an additional 799,030 shares during the period. Institutional investors and hedge funds 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.

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