Rivian Automotive (NASDAQ:RIVN) Shares Down 2.8% - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price dropped 2.8% on Monday . The company traded as low as $12.55 and last traded at $12.67. Approximately 10,535,039 shares were traded during trading, a decline of 68% from the average daily volume of 32,781,613 shares. The stock had previously closed at $13.03.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RIVN. Stifel Nicolaus lifted their price objective on shares of Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a report on Monday, May 12th. JPMorgan Chase & Co. dropped their price objective on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. Robert W. Baird cut their price objective 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. Wells Fargo & Company lowered 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, Wedbush cut their price target 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. Three research analysts have rated the stock with a sell rating, nineteen have given a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of "Hold" and a consensus target price of $14.38.

Rivian Automotive Price Performance

The firm has a market cap of $14.59 billion, a P/E ratio of -3.47 and a beta of 1.81. The company has a current ratio of 3.73, a quick ratio of 2.80 and a debt-to-equity ratio of 0.71. The business's fifty day simple moving average is $14.15 and its 200-day simple moving average is $13.09.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating analysts' consensus estimates 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 analyst estimates of $981.52 million. During the same quarter in the previous year, the firm earned ($1.48) EPS. The company's quarterly revenue was up 3.0% compared to the same quarter last year. As a group, analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 17,185 shares of the company's 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 transaction, the chief financial officer owned 824,875 shares of the company's stock, valued at approximately $12,694,826.25. This represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,428 shares of the business's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the transaction, the chief executive officer owned 1,483,111 shares of the company's stock, valued at approximately $22,780,584.96. The trade was a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 241,407 shares of company stock worth $3,553,883 in the last ninety days. 2.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Signaturefd LLC raised its position in Rivian Automotive by 15.2% during the second quarter. Signaturefd LLC now owns 15,885 shares of the electric vehicle automaker's stock valued at $218,000 after purchasing an additional 2,091 shares in the last quarter. PFS Partners LLC raised its holdings in shares of Rivian Automotive by 50.5% during the 2nd quarter. PFS Partners LLC now owns 2,982 shares of the electric vehicle automaker's stock valued at $41,000 after buying an additional 1,000 shares in the last quarter. Ballentine Partners LLC boosted its stake in shares of Rivian Automotive by 73.5% in the 2nd quarter. Ballentine Partners LLC now owns 27,739 shares of the electric vehicle automaker's stock valued at $381,000 after purchasing an additional 11,750 shares in the last quarter. Norden Group LLC bought a new position in shares of Rivian Automotive during the second quarter valued at about $144,000. Finally, GAMMA Investing LLC boosted its holdings in Rivian Automotive by 35.1% during the 2nd quarter. GAMMA Investing LLC now owns 10,095 shares of the electric vehicle automaker's stock valued at $139,000 after acquiring an additional 2,623 shares during the period. Hedge funds and other institutional investors 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.