Rivian Automotive (NASDAQ:RIVN) Trading Down 7% - Here's Why

Key Points

• Rivian Automotive's stock fell 7% during mid-day trading, closing at $13.44, a significant decline from its previous close of $14.44, with trading volume down by 31% compared to the average.
• Wall Street analysts generally maintain a consensus rating of "Hold" for Rivian, with price targets ranging from $12 to $16, and a consensus target price of $13.69.
• Rivian reported a quarterly loss of ($0.97) EPS, missing estimates and showing a negative net margin, although revenue increased to $1.30 billion, slightly above expectations.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) fell 7% during mid-day trading on Thursday . The stock traded as low as $13.48 and last traded at $13.44. 23,578,096 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 34,144,906 shares. The stock had previously closed at $14.44.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on RIVN shares. Cantor Fitzgerald reissued a "neutral" rating and issued a $15.00 price target on shares of Rivian Automotive in a report on Wednesday, May 7th. Jefferies Financial Group reiterated a "hold" rating and issued a $16.00 price objective on shares of Rivian Automotive in a research report on Wednesday, May 14th. Morgan Stanley lowered their price objective on Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. Mizuho boosted their price objective on Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Finally, Stifel Nicolaus decreased their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Friday, August 8th. Five investment analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $13.69.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72. The company has a market capitalization of $16.62 billion, a PE ratio of -4.24 and a beta of 1.81. The firm has a 50-day moving average of $12.99 and a 200 day moving average of $12.97.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released 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 business had revenue of $1.30 billion for the quarter, compared to analysts' expectations of $1.27 billion. During the same period last year, the business earned ($1.46) earnings per share. The company's quarterly revenue was up 12.5% on a year-over-year basis. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer owned 789,445 shares of the company's stock, valued at $9,694,384.60. The trade was a 0.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 2.16% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently added to or reduced their stakes in RIVN. Teacher Retirement System of Texas purchased a new position in Rivian Automotive during the 1st quarter valued at $1,382,000. Twinbeech Capital LP purchased a new position in Rivian Automotive during the 4th quarter worth $29,944,000. Caisse Des Depots ET Consignations purchased a new position in shares of Rivian Automotive in the 1st quarter valued at approximately $2,807,000. Ethos Financial Group LLC acquired a new position in shares of Rivian Automotive in the 1st quarter valued at $311,000. Finally, Mmbg Investment Advisors CO. acquired a new position in Rivian Automotive in the 1st quarter worth approximately $274,000. 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.

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