Rivian Automotive (NASDAQ:RIVN) Trading Down 0.7% - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price dropped 0.7% on Monday . The stock traded as low as $15.25 and last traded at $15.71. Approximately 10,688,614 shares were traded during trading, a decline of 70% from the average daily volume of 35,990,844 shares. The stock had previously closed at $15.81.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Jefferies Financial Group restated a "hold" rating and issued a $16.00 target price on shares of Rivian Automotive in a research note on Wednesday, May 14th. Guggenheim reiterated a "buy" rating and set a $16.00 price target on shares of Rivian Automotive in a research report on Tuesday, May 6th. The Goldman Sachs Group lowered their price target on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Sanford C. Bernstein assumed coverage on Rivian Automotive in a research report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 price target on the stock. Finally, Cantor Fitzgerald reiterated a "neutral" rating and set a $15.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 7th. Three investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $14.24.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The stock has a market cap of $18.42 billion, a price-to-earnings ratio of -3.45 and a beta of 1.86. The firm has a fifty day moving average of $12.39 and a 200 day moving average of $12.53.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. As a group, sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 35,713 shares of the firm's stock in a transaction on Monday, April 21st. The stock was sold at an average price of $11.46, for a total value of $409,270.98. Following the completion of the transaction, the chief executive officer now owns 853,011 shares in the company, valued at $9,775,506.06. This trade represents a 4.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the firm's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. This represents a 2.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 195,364 shares of company stock valued at $2,303,960 over the last three months. 2.16% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RIVN. Charles Schwab Investment Management Inc. boosted its stake in shares of Rivian Automotive by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock worth $63,055,000 after purchasing an additional 133,781 shares during the last quarter. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Rivian Automotive during the 4th quarter worth about $1,363,000. Groupama Asset Managment acquired a new stake in shares of Rivian Automotive during the 4th quarter worth about $26,600,000. SG Americas Securities LLC boosted its stake in shares of Rivian Automotive by 42.7% during the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock worth $2,404,000 after purchasing an additional 54,053 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in Rivian Automotive in the 4th quarter worth about $10,448,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.