Rivian Automotive (NASDAQ:RIVN) Stock Price Down 3.2% - Here's What Happened

Key Points

• Rivian shares fell 3.2% on Monday, trading as low as $13.14 before closing at $13.35, with volume slightly below the recent average.
• Wall Street sentiment remains mixed: analysts have a consensus “Hold” rating on Rivian with an average price target of $18.57, even as several firms recently raised targets or reiterated bullish calls.
• Rivian’s latest earnings showed a smaller-than-expected loss of $0.54 per share and revenue of $1.29 billion, but revenue still fell 25.8% year over year; meanwhile, top executives sold shares and analysts expect the company to remain unprofitable this year.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded down 3.2% on Monday . The company traded as low as $13.14 and last traded at $13.35. 28,609,408 shares changed hands during trading, a decline of 2% from the average session volume of 29,285,594 shares. The stock had previously closed at $13.79.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company lifted their target price on shares of Rivian Automotive from $12.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Friday, February 13th. Bank of America assumed coverage on shares of Rivian Automotive in a research note on Wednesday, March 4th. They set an "underperform" rating and a $14.00 target price for the company. Canaccord Genuity Group reissued a "buy" rating and set a $22.00 target price on shares of Rivian Automotive in a research note on Monday, April 6th. Wedbush reissued an "outperform" rating and set a $25.00 target price on shares of Rivian Automotive in a research note on Friday, February 13th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Rivian Automotive from a "hold" rating to a "buy" rating and lifted their price target for the company from $16.00 to $23.00 in a research note on Friday, February 13th. Twelve equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat, Rivian Automotive presently has a consensus rating of "Hold" and a consensus price target of $18.57.

Rivian Automotive Trading Down 3.2%

The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $16.57 billion, a P/E ratio of -4.57 and a beta of 1.64. The firm's 50 day simple moving average is $15.54 and its two-hundred day simple moving average is $16.29.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.54) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.14. Rivian Automotive had a negative net margin of 63.62% and a negative return on equity of 75.65%. The firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the previous year, the firm posted ($0.70) earnings per share. The business's revenue was down 25.8% compared to the same quarter last year. As a group, analysts forecast that Rivian Automotive, Inc. will post -3.1 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 27,133 shares of Rivian Automotive stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total transaction of $455,834.40. Following the completion of the transaction, the chief financial officer directly owned 680,836 shares in the company, valued at $11,438,044.80. This trade represents a 3.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 34,900 shares of Rivian Automotive stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total transaction of $586,320.00. Following the transaction, the chief executive officer owned 1,044,731 shares of the company's stock, valued at $17,551,480.80. This represents a 3.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 148,888 shares of company stock valued at $2,411,276 over the last quarter. Corporate insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Danske Bank A S boosted its holdings in Rivian Automotive by 36.8% during the fourth quarter. Danske Bank A S now owns 613,993 shares of the electric vehicle automaker's stock worth $12,102,000 after purchasing an additional 165,300 shares during the last quarter. Trek Financial LLC purchased a new position in Rivian Automotive during the fourth quarter worth about $6,115,000. Y Intercept Hong Kong Ltd boosted its holdings in Rivian Automotive by 244.1% during the third quarter. Y Intercept Hong Kong Ltd now owns 1,624,707 shares of the electric vehicle automaker's stock worth $23,851,000 after purchasing an additional 1,152,551 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in Rivian Automotive by 211.0% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 265,600 shares of the electric vehicle automaker's stock worth $3,899,000 after purchasing an additional 180,200 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its holdings in Rivian Automotive by 36.4% during the third quarter. New York State Common Retirement Fund now owns 597,353 shares of the electric vehicle automaker's stock worth $8,769,000 after purchasing an additional 159,400 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

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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