Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.2% - Here's Why

Key Points

• Rivian Automotive's stock fell by 2.2%, trading at $12.80 after hitting a low of $12.67 amidst a decline in trading volume by 31% compared to its average.
• Analyst ratings for Rivian are varied, with five analysts recommending a Buy, sixteen a Hold, and four a Sell, resulting in a consensus target price of $13.90.
• The company reported earnings of ($0.97) EPS for the quarter, missing analyst estimates, but achieved a revenue of $1.30 billion, reflecting a year-over-year increase of 12.5%.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price dropped 2.2% during mid-day trading on Friday . The stock traded as low as $12.67 and last traded at $12.80. Approximately 25,061,331 shares changed hands during trading, a decline of 31% from the average daily volume of 36,177,020 shares. The stock had previously closed at $13.09.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several recent analyst reports. Cfra Research upgraded shares of Rivian Automotive to a "moderate sell" rating in a research report on Thursday, October 2nd. Wedbush reduced their price target on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 6th. Mizuho boosted their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 23rd. Needham & Company LLC restated a "buy" rating and issued a $14.00 price target on shares of Rivian Automotive in a research report on Monday, August 25th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Rivian Automotive in a research report on Wednesday. Five research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, Rivian Automotive presently has a consensus rating of "Hold" and a consensus target price of $13.90.

Rivian Automotive Trading Down 2.2%

The company has a market cap of $15.53 billion, a P/E ratio of -3.96 and a beta of 1.82. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72. The stock's 50-day moving average is $13.49 and its two-hundred day moving average is $13.42.

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

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total transaction of $244,300.00. Following the completion of the transaction, the chief executive officer owned 1,316,205 shares in the company, valued at $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 7,247 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction 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. This trade represents a 0.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,147 shares of company stock valued at $577,593 in the last quarter. 2.16% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently modified their holdings of RIVN. Assetmark Inc. boosted its holdings in shares of Rivian Automotive by 315.6% in the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker's stock valued at $25,000 after buying an additional 1,357 shares in the last quarter. Banque Transatlantique SA boosted its holdings in shares of Rivian Automotive by 13,194.1% in the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock valued at $26,000 after buying an additional 2,243 shares in the last quarter. Newbridge Financial Services Group Inc. boosted its stake in Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker's stock worth $26,000 after purchasing an additional 1,000 shares in the last quarter. Fairman Group LLC acquired a new stake in Rivian Automotive in the 2nd quarter worth approximately $31,000. Finally, WPG Advisers LLC acquired a new stake in Rivian Automotive in the 1st quarter worth approximately $34,000. 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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