Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.4% - Here's Why

Key Points

• Rivian Automotive's stock fell by 1.4% on Thursday, trading at $11.90, significantly lower than its previous close of $12.07, with trading volume dropping by 69% from average levels.
• Analysts have mixed opinions on Rivian, with price targets ranging from $9.00 to $15.00; the overall consensus rating is "Hold" with a target price of $13.69.
• Rivian reported a quarterly loss of ($0.97) EPS, missing analysts' expectations, but still recorded a 12.5% year-over-year revenue growth, totaling $1.30 billion.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares fell 1.4% on Thursday . The stock traded as low as $11.84 and last traded at $11.90. 10,186,040 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 33,203,738 shares. The stock had previously closed at $12.07.

Analyst Ratings Changes

A number of brokerages recently commented on RIVN. UBS Group dropped their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. Canaccord Genuity Group lowered their price objective on shares of Rivian Automotive from $23.00 to $21.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Cantor Fitzgerald restated a "neutral" rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Wednesday, May 7th. Wells Fargo & Company reduced their target price on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a report on Wednesday, May 7th. Finally, Needham & Company LLC restated a "buy" rating and set a $14.00 target price on shares of Rivian Automotive in a research report on Monday. Five research analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $13.69.

Rivian Automotive Stock Performance

The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. The company's 50-day simple moving average is $13.01 and its 200-day simple moving average is $12.94. The stock has a market capitalization of $15.91 billion, a price-to-earnings ratio of -4.06 and a beta of 1.80.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $1.30 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the company earned ($1.46) earnings per share. On average, analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 7,247 shares of the firm's stock in a transaction 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 transaction, the chief financial officer directly owned 789,445 shares of the company's stock, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RIVN. Brighton Jones LLC lifted its position in shares of Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock valued at $235,000 after purchasing an additional 3,864 shares in the last quarter. OneDigital Investment Advisors LLC increased its holdings in Rivian Automotive by 36.1% during the fourth quarter. OneDigital Investment Advisors LLC now owns 16,406 shares of the electric vehicle automaker's stock worth $218,000 after buying an additional 4,353 shares during the last quarter. Hsbc Holdings PLC increased its holdings in Rivian Automotive by 6.6% during the fourth quarter. Hsbc Holdings PLC now owns 1,233,406 shares of the electric vehicle automaker's stock worth $16,608,000 after buying an additional 76,509 shares during the last quarter. Nebula Research & Development LLC purchased a new stake in Rivian Automotive during the fourth quarter worth about $714,000. Finally, Coldstream Capital Management Inc. increased its holdings in Rivian Automotive by 3.3% during the fourth quarter. Coldstream Capital Management Inc. now owns 56,491 shares of the electric vehicle automaker's stock worth $751,000 after buying an additional 1,829 shares during the last quarter. 66.25% of the stock is owned by 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.