Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.1% - Here's What Happened

Key Points

• Rivian shares fell 2.1% mid-day to $14.44 (intraday low $14.39) with about 19.15 million shares traded, roughly 33% below its average daily volume.
• Analysts are split—8 Buys, 9 Holds and 7 Sells—resulting in an average rating of Hold and an average price target of $16.74.
• The company beat the quarter estimates with EPS of -$0.65 (vs. -$0.71) and revenue of $1.56B (up 78.3%), but remains unprofitable with negative margins and a consensus full-year EPS forecast of -3.2; insiders sold about 172,504 shares (~$3.01M) last quarter.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) dropped 2.1% during mid-day trading on Monday . The stock traded as low as $14.39 and last traded at $14.44. Approximately 19,146,564 shares were traded during trading, a decline of 33% from the average daily volume of 28,619,557 shares. The stock had previously closed at $14.75.

Analyst Upgrades and Downgrades

Several brokerages have commented on RIVN. Wolfe Research cut shares of Rivian Automotive from a "peer perform" rating to an "underperform" rating in a report on Monday, January 12th. Mizuho reaffirmed an "underperform" rating and issued a $10.00 price objective (down previously from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th. Evercore ISI reiterated an "outperform" rating on shares of Rivian Automotive in a research report on Monday, December 15th. Stifel Nicolaus increased their target price on Rivian Automotive from $16.00 to $17.00 and gave the company a "buy" rating in a report on Monday, November 17th. Finally, The Goldman Sachs Group raised their target price on Rivian Automotive from $13.00 to $16.00 and gave the stock a "neutral" rating in a research report on Friday, December 12th. Eight investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $16.74.

Rivian Automotive Trading Down 2.1%

The firm has a market capitalization of $17.70 billion, a PE ratio of -4.64 and a beta of 1.76. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The company has a fifty day moving average of $18.06 and a 200-day moving average of $15.25.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.71) by $0.06. The company had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The business's revenue was up 78.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.08) EPS. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 21,210 shares of the firm's stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total transaction of $363,539.40. Following the transaction, the chief financial officer owned 738,056 shares in the company, valued at approximately $12,650,279.84. This trade represents a 2.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter Krawiec sold 3,655 shares of Rivian Automotive stock in a transaction on Monday, December 15th. The shares were sold at an average price of $19.45, for a total transaction of $71,089.75. Following the completion of the sale, the director directly owned 29,122 shares of the company's stock, valued at approximately $566,422.90. The trade was a 11.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 172,504 shares of company stock valued at $3,012,734. 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 stock. SOA Wealth Advisors LLC. boosted its stake in shares of Rivian Automotive by 894.2% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker's stock worth $31,000 after acquiring an additional 1,395 shares in the last quarter. Glass Jacobson Investment Advisors llc boosted its position in Rivian Automotive by 96.3% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker's stock worth $34,000 after purchasing an additional 852 shares during the period. Assetmark Inc. boosted its position in Rivian Automotive by 315.6% during the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker's stock worth $25,000 after purchasing an additional 1,357 shares during the period. Newbridge Financial Services Group Inc. lifted its stake in shares of Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker's stock worth $26,000 after buying an additional 1,000 shares during the last quarter. Finally, Mather Group LLC. acquired a new stake in shares of Rivian Automotive in the third quarter worth $30,000. 66.25% of the stock is currently owned by institutional investors.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.

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