Rivian Automotive (NASDAQ:RIVN) Trading Down 3% - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) fell 3% during mid-day trading on Thursday . The company traded as low as $15.82 and last traded at $15.85. 10,429,624 shares changed hands during trading, a decline of 71% from the average session volume of 36,282,610 shares. The stock had previously closed at $16.34.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on RIVN shares. Mizuho raised their target price on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Piper Sandler upped their price objective on Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research note on Thursday. Wedbush cut their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Sanford C. Bernstein started coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 target price on the stock. Finally, Stifel Nicolaus upped their price target on shares of Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, May 12th. 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 company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $14.33.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The business has a 50 day simple moving average of $12.73 and a 200-day simple moving average of $12.63. The firm has a market cap of $18.13 billion, a price-to-earnings ratio of -3.39 and a beta of 1.86.

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 66.26% and a negative net margin of 95.51%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $981.52 million. During the same quarter last year, the company earned ($1.48) earnings per share. The company's revenue for the quarter was up 3.0% on a year-over-year basis. Equities research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 17,185 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the transaction, the chief financial officer now owns 824,875 shares in the company, 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 Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $11.82, for a total transaction of $844,290.78. Following the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at $10,082,590.02. This trade represents a 7.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 384,265 shares of company stock valued at $5,201,750 in the last 90 days. 2.16% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of the stock. Larson Financial Group LLC grew its position in Rivian Automotive by 7.4% during the 1st quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker's stock valued at $131,000 after purchasing an additional 722 shares during the last quarter. Brown Advisory Inc. lifted its stake in shares of Rivian Automotive by 2.4% in the 1st quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker's stock valued at $405,000 after purchasing an additional 772 shares during the last quarter. First National Trust Co boosted its stake in Rivian Automotive by 5.3% during the first quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker's stock worth $199,000 after buying an additional 800 shares during the period. Dimension Capital Management LLC grew its holdings in Rivian Automotive by 5.5% during the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock valued at $208,000 after purchasing an additional 819 shares during the last quarter. Finally, Tradition Wealth Management LLC increased its stake in Rivian Automotive by 7.2% in the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock worth $168,000 after buying an additional 849 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.