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

Key Points

• Rivian Automotive's stock declined by 3.7% on Thursday, closing at $12.91 after trading as low as $12.81, with volume down 22% from its average.
• Analyst ratings for Rivian vary widely, with price targets ranging from $12.00 to $18.00 and an average target of $13.90, while maintaining an overall "Hold" rating.
• Rivian's latest earnings report showed a miss on EPS expectations, reporting ($0.97) per share versus a consensus estimate of ($0.65), although revenues increased by 12.5% year-over-year.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was down 3.7% during trading on Thursday . The company traded as low as $12.81 and last traded at $12.91. Approximately 28,113,363 shares were traded during mid-day trading, a decline of 22% from the average daily volume of 36,013,215 shares. The stock had previously closed at $13.41.

Analyst Ratings Changes

Several research analysts have issued reports on RIVN shares. Morgan Stanley lowered their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 13th. UBS Group raised their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a research report on Monday, October 6th. Stifel Nicolaus reduced their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Friday, August 8th. The Goldman Sachs Group raised their target price on shares of Rivian Automotive from $12.00 to $15.00 and gave the stock a "neutral" rating in a research note on Monday, September 29th. Finally, Needham & Company LLC restated a "buy" rating and issued a $14.00 target price on shares of Rivian Automotive in a research note on Monday, August 25th. Five equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and five have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $13.90.

Rivian Automotive Price 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 moving average price is $13.56 and its 200 day moving average price is $13.44. The company has a market cap of $15.67 billion, a price-to-earnings ratio of -4.00 and a beta of 1.82.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.32). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The company had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the business earned ($1.46) EPS. The firm's revenue for the quarter was up 12.5% on a year-over-year basis. Equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In related 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 value of $244,300.00. Following the completion of the sale, the chief executive officer owned 1,316,205 shares in the company, valued at $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 completion of the sale, the chief financial officer owned 789,445 shares of the company's stock, valued at $9,694,384.60. This trade represents a 0.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,147 shares of company stock valued at $577,593 in the last quarter. Company insiders own 2.16% of the company's stock.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in RIVN. Brighton Jones LLC lifted its stake in shares of Rivian Automotive by 28.0% in 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 during the period. Farther Finance Advisors LLC increased its holdings in Rivian Automotive by 173.9% during the 1st quarter. Farther Finance Advisors LLC now owns 15,970 shares of the electric vehicle automaker's stock valued at $212,000 after acquiring an additional 10,139 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Rivian Automotive by 1.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker's stock valued at $750,000 after acquiring an additional 867 shares in the last quarter. Dynamic Advisor Solutions LLC increased its holdings in Rivian Automotive by 9.6% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 21,515 shares of the electric vehicle automaker's stock valued at $268,000 after acquiring an additional 1,892 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its holdings in Rivian Automotive by 50.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 90,308 shares of the electric vehicle automaker's stock valued at $1,124,000 after acquiring an additional 30,088 shares in the last quarter. 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.

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