Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.8% - Here's What Happened

Key Points

• Rivian Automotive's stock price fell 1.8% to $13.26, with trading volume down 13% from the daily average, indicating reduced investor activity.
• Analyst ratings for Rivian are mixed, with Goldman Sachs raising its price target to $15, while Weiss Ratings maintains a "sell" rating, leading to an overall average rating of "Hold."
• Recent insider trading activity includes CEO Robert Scaringe selling 17,450 shares at an average price of $14.00, which constitutes a 1.31% decrease in his holdings.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price dropped 1.8% on Tuesday . The company traded as low as $13.23 and last traded at $13.26. Approximately 31,570,724 shares were traded during mid-day trading, a decline of 13% from the average daily volume of 36,327,629 shares. The stock had previously closed at $13.50.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RIVN shares. The Goldman Sachs Group increased their price objective on Rivian Automotive from $12.00 to $15.00 and gave the stock a "neutral" rating in a report on Monday, September 29th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Rivian Automotive in a research note on Saturday, September 27th. JPMorgan Chase & Co. lowered their target price on shares of Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating on the stock in a research note on Wednesday, August 6th. Needham & Company LLC restated a "buy" rating and set a $14.00 price target on shares of Rivian Automotive in a research report on Monday, August 25th. Finally, Guggenheim lowered Rivian Automotive from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Five analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $13.90.

Rivian Automotive Stock Down 1.8%

The company has a market cap of $16.09 billion, a P/E ratio of -4.11 and a beta of 1.82. The stock has a 50-day moving average of $13.48 and a two-hundred day moving average of $13.42. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44.

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

Insider Activity

In related news, CEO Robert J. Scaringe sold 17,450 shares of the firm's stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the transaction, the chief executive officer directly owned 1,316,205 shares in the company, valued at $18,426,870. This trade represents a 1.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 7,247 shares of the business's stock in a transaction that occurred 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 of the company's stock, valued at $9,694,384.60. The trade was a 0.91% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,147 shares of company stock worth $577,593. Company insiders own 2.16% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC increased its position in shares of Rivian Automotive by 7.4% in the first quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker's stock valued at $131,000 after acquiring an additional 722 shares during the period. Brown Advisory Inc. increased its holdings in Rivian Automotive by 2.4% during the 1st quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker's stock valued at $405,000 after purchasing an additional 772 shares during the period. First National Trust Co raised its position in Rivian Automotive by 5.3% during the 1st quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker's stock valued at $199,000 after purchasing an additional 800 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in Rivian Automotive by 1.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker's stock worth $750,000 after buying an additional 867 shares during the period. Finally, TD Asset Management Inc grew its position in shares of Rivian Automotive by 1.2% in the 2nd quarter. TD Asset Management Inc now owns 75,841 shares of the electric vehicle automaker's stock worth $1,042,000 after buying an additional 870 shares during the last quarter. 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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