Rivian Automotive (NASDAQ:RIVN) Trading Down 3.7% - Here's What Happened

Key Points

• Rivian Automotive's stock price fell by 3.7% to $14.68, with trading volume seeing a 34% increase over the average session volume.
• Recent analyst changes include a price objective drop by Canaccord Genuity from $23.00 to $21.00 and a downgrade by JPMorgan from $10.00 to $9.00, reflecting increased scrutiny on Rivian's performance.
• In its latest earnings report, Rivian missed EPS estimates, reporting ($0.97) compared to the consensus of ($0.65), although revenues were slightly above expectations at $1.30 billion.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price traded down 3.7% on Tuesday . The company traded as low as $14.55 and last traded at $14.68. 48,461,232 shares traded hands during trading, an increase of 34% from the average session volume of 36,173,063 shares. The stock had previously closed at $15.25.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Canaccord Genuity Group dropped their price objective on shares of Rivian Automotive from $23.00 to $21.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. JPMorgan Chase & Co. dropped their price objective on shares of Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating on the stock in a report on Wednesday, August 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $14.00 price objective on shares of Rivian Automotive in a report on Monday, August 25th. Wedbush dropped their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a report on Wednesday, August 6th. Finally, Guggenheim cut shares of Rivian Automotive from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Five analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $13.85.

Rivian Automotive Stock Down 3.7%

The stock's 50-day moving average is $13.47 and its 200-day moving average is $13.32. The stock has a market cap of $17.81 billion, a P/E ratio of -4.54 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 announced its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32). The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The business's quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.46) EPS. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 17,450 shares of the firm's stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total transaction of $244,300.00. Following the completion of the transaction, the chief executive officer owned 1,316,205 shares in the company, valued at approximately $18,426,870. This trade represents a 1.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 7,247 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $12.28, for a total transaction of $88,993.16. Following the transaction, the chief financial officer 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,147 shares of company stock valued at $577,593. Insiders own 2.16% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently made changes to their positions in the business. Assetmark Inc. boosted its position in shares of Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker's stock valued at $25,000 after purchasing an additional 1,357 shares in the last quarter. Newbridge Financial Services Group Inc. boosted its position in shares of Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker's stock valued at $26,000 after purchasing an additional 1,000 shares in the last quarter. PFS Partners LLC boosted its holdings in shares of Rivian Automotive by 1,882.0% in the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after buying an additional 1,882 shares during the period. Fairman Group LLC acquired a new position in shares of Rivian Automotive in the second quarter worth about $31,000. Finally, Banque Transatlantique SA boosted its holdings in shares of Rivian Automotive by 13,194.1% in the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock worth $26,000 after buying an additional 2,243 shares during the period. Institutional investors own 66.25% of the company's stock.

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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