Rivian Automotive (NASDAQ:RIVN) Shares Down 3.9% - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) fell 3.9% on Monday . The company traded as low as $13.13 and last traded at $13.29. 8,461,490 shares traded hands during trading, a decline of 77% from the average session volume of 36,322,838 shares. The stock had previously closed at $13.83.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RIVN. Wells Fargo & Company cut their price target on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Guggenheim reissued a "buy" rating and issued a $16.00 target price on shares of Rivian Automotive in a research note on Tuesday. Robert W. Baird lowered their price target 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. Truist Financial upped their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a research note on Thursday, January 16th. Finally, Cowen began coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They set a "hold" rating for the company. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $13.99.

Rivian Automotive Stock Up 4.2 %

The company has a market capitalization of $16.12 billion, a PE ratio of -3.02 and a beta of 1.86. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company's 50 day moving average is $11.98 and its two-hundred day moving average is $12.34.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. On average, analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction dated Monday, March 24th. The shares were 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 approximately $10,082,590.02. This represents a 7.73 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock valued at $2,154,905 over the last 90 days. 2.51% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently bought and sold shares of the stock. World Investment Advisors LLC boosted its stake in shares of Rivian Automotive by 8.6% during the 3rd quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker's stock worth $204,000 after purchasing an additional 1,446 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rivian Automotive during the third quarter valued at $28,000. GAMMA Investing LLC grew its holdings in shares of Rivian Automotive by 82.6% in the fourth quarter. GAMMA Investing LLC now owns 8,893 shares of the electric vehicle automaker's stock worth $118,000 after purchasing an additional 4,022 shares during the last quarter. Nordea Investment Management AB grew its holdings in shares of Rivian Automotive by 12.1% in the fourth quarter. Nordea Investment Management AB now owns 63,074 shares of the electric vehicle automaker's stock worth $901,000 after purchasing an additional 6,817 shares during the last quarter. Finally, Green Alpha Advisors LLC increased its stake in Rivian Automotive by 15.4% in the 4th quarter. Green Alpha Advisors LLC now owns 61,893 shares of the electric vehicle automaker's stock worth $823,000 after buying an additional 8,262 shares during the period. 66.25% of the stock is currently owned by institutional investors.

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.