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

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

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $15.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 7th. Stifel Nicolaus upped their target price on shares of Rivian Automotive from $16.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Piper Sandler upped their target price on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Guggenheim cut shares of Rivian Automotive from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Finally, The Goldman Sachs Group decreased their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Four equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $14.38.

Rivian Automotive Price Performance

The business has a 50-day moving average price of $14.01 and a 200 day moving average price of $13.05. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, beating the consensus estimate of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $981.52 million. During the same period in the prior year, the business posted ($1.48) earnings per share. Rivian Automotive's revenue was up 3.0% compared to the same quarter last year. On average, equities research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 107,144 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $15.25, for a total value of $1,633,946.00. Following the completion of the transaction, the chief executive officer owned 1,483,111 shares in the company, valued at $22,617,442.75. This trade represents a 6.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 17,185 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the transaction, the chief financial officer owned 824,875 shares of the company's stock, valued at $12,694,826.25. This trade represents a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 205,694 shares of company stock valued at $3,144,612 in the last quarter. 2.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently modified their holdings of RIVN. PFS Partners LLC boosted its position in shares of Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after purchasing an additional 1,882 shares during the period. Banque Transatlantique SA grew its stake in Rivian Automotive by 13,194.1% during the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock valued at $26,000 after acquiring an additional 2,243 shares in the last quarter. Orion Capital Management LLC purchased a new position in Rivian Automotive during the 4th quarter valued at about $34,000. WPG Advisers LLC acquired a new position in shares of Rivian Automotive in the 1st quarter valued at about $34,000. Finally, Olde Wealth Management LLC acquired a new position in shares of Rivian Automotive in the 1st quarter valued at about $37,000. Institutional investors and hedge funds own 66.25% of the company's stock.

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.