Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.4% - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price traded down 1.4% during trading on Friday . The company traded as low as $14.71 and last traded at $14.81. 5,844,384 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 36,231,158 shares. The stock had previously closed at $15.01.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Wells Fargo & Company dropped their price objective on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 7th. Jefferies Financial Group reiterated a "hold" rating and issued a $16.00 price objective on shares of Rivian Automotive in a research note on Wednesday, May 14th. Bank of America lowered Rivian Automotive from a "neutral" rating to an "underperform" rating and dropped their price objective for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. Cowen assumed coverage on Rivian Automotive in a research report on Thursday, March 6th. They set a "hold" rating on the stock. Finally, Piper Sandler lifted their target price on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $14.33.

Rivian Automotive Stock Down 3.7%

The company has a market capitalization of $16.34 billion, a price-to-earnings ratio of -3.06 and a beta of 1.86. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The business has a fifty day simple moving average of $13.27 and a two-hundred day simple moving average of $12.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, topping the consensus estimate of ($0.80) by $0.23. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $981.52 million. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Rivian Automotive's revenue was up 3.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.48) EPS. Equities analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 9,937 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $15.00, for a total value of $149,055.00. Following the completion of the transaction, the chief financial officer now directly owns 851,637 shares of the company's stock, valued at approximately $12,774,555. This represents a 1.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at approximately $9,596,373.75. The trade was a 7.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 384,265 shares of company stock worth $5,201,750 in the last quarter. Insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Rivian Automotive by 7.8% during the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock worth $959,804,000 after purchasing an additional 5,610,688 shares during the period. Geode Capital Management LLC boosted its position in Rivian Automotive by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock valued at $175,639,000 after buying an additional 227,168 shares in the last quarter. Capital International Investors bought a new position in shares of Rivian Automotive during the fourth quarter valued at $144,030,000. Norges Bank bought a new position in shares of Rivian Automotive during the fourth quarter valued at $123,308,000. Finally, Soma Equity Partners LP raised its stake in shares of Rivian Automotive by 19.9% during the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock valued at $112,865,000 after acquiring an additional 1,407,772 shares during the last quarter. 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.