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

Key Points

• Rivian Automotive's stock price decreased by 1.5% to $13.81, with trading volume down by 78% compared to its average daily volume.
• Analysts have mixed ratings on Rivian, with an average rating of "Hold" and a consensus price target of $14.38; some firms have adjusted their price targets up and down.
• Recent insider selling includes the CEO and CFO reducing their stakes, with a total of 205,694 shares sold over the last quarter, indicating potential concerns among executives.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares dropped 1.5% during trading on Monday . The stock traded as low as $13.75 and last traded at $13.81. Approximately 7,153,087 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 32,150,379 shares. The stock had previously closed at $14.01.

Analyst Ratings Changes

RIVN has been the topic of several research reports. UBS Group boosted their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Stifel Nicolaus upped their price target on shares of Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, May 12th. JPMorgan Chase & Co. decreased their target price on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Mizuho upped their price target on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Finally, Piper Sandler upped their price target on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a report on Thursday, May 22nd. Four research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of "Hold" and a consensus price target of $14.38.

Rivian Automotive Stock Down 1.6%

The firm has a market cap of $15.58 billion, a P/E ratio of -3.70 and a beta of 1.81. The stock's 50 day simple moving average is $14.01 and its 200 day simple moving average is $13.04. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $981.52 million. During the same quarter in the previous year, the business earned ($1.48) EPS. The company's quarterly revenue was up 3.0% on a year-over-year basis. Research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,428 shares of the firm's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the completion of the sale, the chief executive officer directly owned 1,483,111 shares of the company's stock, valued at $22,780,584.96. This trade represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 17,185 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction of $264,477.15. Following the transaction, the chief financial officer owned 824,875 shares of the company's stock, valued at approximately $12,694,826.25. The trade was a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 205,694 shares of company stock worth $3,144,612 over the last quarter. 2.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently bought and sold shares of the company. Capital International Investors purchased a new stake in Rivian Automotive in the 4th quarter worth approximately $144,030,000. Norges Bank purchased a new position in Rivian Automotive during the fourth quarter worth about $123,308,000. Vanguard Group Inc. raised its holdings in shares of Rivian Automotive by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock valued at $959,804,000 after acquiring an additional 5,610,688 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Rivian Automotive by 68.5% during the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after purchasing an additional 2,941,928 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Rivian Automotive in the first quarter valued at approximately $33,582,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

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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