Rivian Automotive (NASDAQ:RIVN) Trading Down 3.8% - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares traded down 3.8% during mid-day trading on Monday . The stock traded as low as $12.53 and last traded at $12.58. 11,388,112 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 33,579,361 shares. The stock had previously closed at $13.07.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Robert W. Baird cut their price objective on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Piper Sandler lifted their price objective on Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Cantor Fitzgerald reissued a "neutral" rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Wednesday, May 7th. JPMorgan Chase & Co. lowered their target price on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Finally, Stifel Nicolaus lifted their target price on Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Three investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $14.38.

Rivian Automotive Trading Up 0.5%

The company has a debt-to-equity ratio of 0.71, a current ratio of 3.73 and a quick ratio of 2.80. The stock has a market capitalization of $14.93 billion, a price-to-earnings ratio of -3.55 and a beta of 1.81. The business has a 50 day simple moving average of $14.22 and a 200-day simple moving average of $13.13.

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 (EPS) 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 firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $981.52 million. During the same period in the previous year, the firm earned ($1.48) earnings per share. The company's revenue was up 3.0% on a year-over-year basis. As a group, equities analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 107,144 shares of the business's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $15.25, for a total value of $1,633,946.00. Following the sale, the chief executive officer directly owned 1,483,111 shares in the company, valued at $22,617,442.75. The trade was a 6.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 17,185 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the sale, the chief financial officer owned 824,875 shares in the company, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 241,407 shares of company stock valued at $3,553,883. Insiders own 2.16% of the company's stock.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently modified their holdings of the company. Parallel Advisors LLC lifted its holdings in shares of Rivian Automotive by 59.5% in the second quarter. Parallel Advisors LLC now owns 16,662 shares of the electric vehicle automaker's stock valued at $229,000 after purchasing an additional 6,217 shares in the last quarter. Modern Wealth Management LLC bought a new stake in shares of Rivian Automotive in the first quarter valued at about $135,000. Strs Ohio bought a new stake in shares of Rivian Automotive in the first quarter valued at about $1,180,000. GK Wealth Management LLC bought a new stake in shares of Rivian Automotive in the first quarter valued at about $150,000. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Rivian Automotive by 57.1% in the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker's stock valued at $64,000 after purchasing an additional 1,856 shares in the last quarter. 66.25% of the stock is currently owned by 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.