Rivian Automotive (NASDAQ:RIVN) Trading Down 3.3% - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price was down 3.3% during mid-day trading on Thursday . The stock traded as low as $13.53 and last traded at $13.56. Approximately 9,533,203 shares changed hands during trading, a decline of 70% from the average daily volume of 31,967,424 shares. The stock had previously closed at $14.02.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Robert W. Baird reduced their target price on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. The Goldman Sachs Group reduced their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Wedbush reduced their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Jefferies Financial Group restated a "hold" rating and issued a $16.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 14th. Finally, UBS Group boosted their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Three analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $14.38.

Rivian Automotive Trading Up 2.8%

The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73. The firm has a market cap of $16.06 billion, a PE ratio of -3.82 and a beta of 1.81. The stock's 50 day simple moving average is $14.04 and its 200 day simple moving average is $13.07.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, topping analysts' consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $981.52 million. During the same quarter in the previous year, the company earned ($1.48) EPS. The business's quarterly revenue was up 3.0% compared to the same quarter last year. On average, sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction that occurred on 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 directly owned 824,875 shares of the company's stock, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 107,144 shares of Rivian Automotive stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the transaction, the chief executive officer directly owned 1,483,111 shares in the company, valued at $22,617,442.75. This trade represents a 6.74% decrease in their ownership of the stock. 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 three months. Insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RIVN. Brighton Jones LLC grew its holdings in shares of Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock worth $235,000 after purchasing an additional 3,864 shares during the last quarter. Natixis Advisors LLC bought a new position in shares of Rivian Automotive in the fourth quarter worth approximately $263,000. American Century Companies Inc. grew its holdings in shares of Rivian Automotive by 5.7% in the fourth quarter. American Century Companies Inc. now owns 182,654 shares of the electric vehicle automaker's stock worth $2,429,000 after purchasing an additional 9,884 shares during the last quarter. Korea Investment CORP grew its holdings in shares of Rivian Automotive by 306.2% in the fourth quarter. Korea Investment CORP now owns 538,798 shares of the electric vehicle automaker's stock worth $7,166,000 after purchasing an additional 406,146 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Rivian Automotive by 10.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 809,295 shares of the electric vehicle automaker's stock worth $10,764,000 after purchasing an additional 73,812 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.