Rivian Automotive (NASDAQ:RIVN) Stock Price Down 3.9% - What's Next?

Key Points

• Rivian Automotive's stock price dropped 3.9% to $13.42, with trading volume significantly lower than average at 8.2 million shares compared to an average of 34.8 million shares.
• Brokerages have varied outlooks on Rivian, with target price reductions from several firms, including Wedbush lowering it from $18.00 to $16.00 while maintaining an "outperform" rating.
• In its latest earnings report, Rivian posted a loss of ($0.97) per share, missing expectations, but showed a revenue increase of 12.5% year over year, totaling $1.30 billion.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price fell 3.9% on Friday . The company traded as low as $13.31 and last traded at $13.42. 8,225,097 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 34,787,195 shares. The stock had previously closed at $13.97.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RIVN. Wedbush decreased their target price on Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating for the company in a research report on Wednesday, August 6th. UBS Group decreased their target price on Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating for the company in a research report on Wednesday, August 6th. Piper Sandler boosted their target price on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Morgan Stanley decreased their target price on Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. Finally, Canaccord Genuity Group decreased their target price on Rivian Automotive from $23.00 to $21.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Five equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of "Hold" and a consensus price target of $13.67.

Rivian Automotive Stock Down 5.9%

The company's 50 day moving average price is $13.05 and its two-hundred day moving average price is $12.99. The firm has a market cap of $15.95 billion, a PE ratio of -4.08 and a beta of 1.81. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73.

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

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the sale, the chief financial officer directly owned 789,445 shares of the company's stock, valued at approximately $9,694,384.60. This represents a 0.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Teacher Retirement System of Texas purchased a new stake in Rivian Automotive in the 1st quarter worth approximately $1,382,000. Twinbeech Capital LP purchased a new stake in Rivian Automotive in the 4th quarter worth approximately $29,944,000. Caisse Des Depots ET Consignations purchased a new stake in Rivian Automotive in the 1st quarter worth approximately $2,807,000. Ethos Financial Group LLC purchased a new stake in Rivian Automotive in the 1st quarter worth approximately $311,000. Finally, Mmbg Investment Advisors CO. purchased a new stake in Rivian Automotive in the 1st quarter worth approximately $274,000. 66.25% of the stock is owned by hedge funds and other 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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