Rivian Automotive (NASDAQ:RIVN) Shares Down 2% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shares dropped 2% on Thursday . The company traded as low as $14.12 and last traded at $14.1930. Approximately 25,805,763 shares traded hands during mid-day trading, a decline of 12% from the average daily volume of 29,322,902 shares. The stock had previously closed at $14.48.

Rivian Automotive News Roundup

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Reports that Rivian is developing lower-priced R2 variants suggest a wider addressable market and better sales potential for its next-generation SUV lineup. 1 Surprising Reason Rivian Stock Is a Buy Before the SpaceX IPO
• Positive Sentiment: Uber’s order for 10,000 autonomous vehicles from Rivian reinforces a potential new commercial demand stream and helps validate Rivian’s technology platform. Uber’s Robotaxi And Parking Bets Recast Growth And Risk For Investors
• Neutral Sentiment: Analysts and commentators are also highlighting Rivian as a beneficiary of a possible SpaceX IPO, arguing that a larger EV/tech risk appetite could indirectly help sentiment toward RIVN. Here’s Why the SpaceX IPO Makes Rivian Stock a Buy
• Neutral Sentiment: Coverage about high gasoline prices notes that fuel costs likely need to rise further before they materially accelerate EV adoption, which is a broader industry factor rather than a direct Rivian-specific catalyst. How High Gas Prices Need to Rise to Boost Electric Vehicle Sales
• Negative Sentiment: Despite the upbeat R2 news, one report said RIVN is still on track for a third straight week in the red, indicating sentiment remains fragile and investors want proof that the new variants can translate into real demand and better execution. RIVN on track for third straight week in the red despite CEO teasing fresh R2 variants

Analyst Ratings Changes

Several research analysts have issued reports on the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 price objective on shares of Rivian Automotive in a research report on Monday, April 6th. Wells Fargo & Company increased their price objective on Rivian Automotive from $12.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, February 13th. BNP Paribas Exane reiterated an “outperform” rating and issued a $22.00 price objective (down from $23.00) on shares of Rivian Automotive in a research report on Friday, May 1st. TD Cowen raised shares of Rivian Automotive from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $17.00 to $20.00 in a report on Tuesday, March 10th. Finally, Jefferies Financial Group restated a “hold” rating and set a $15.00 target price on shares of Rivian Automotive in a research report on Tuesday, March 3rd. Twelve investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have given a Sell rating to the company’s stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $18.52.

Rivian Automotive Stock Up 0.3%

The stock has a market capitalization of $17.65 billion, a PE ratio of -4.87 and a beta of 1.64. The firm has a 50 day moving average of $15.67 and a two-hundred day moving average of $16.25. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, February 12th. The electric vehicle automaker reported ($0.54) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.14. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period last year, the business posted ($0.70) EPS. Rivian Automotive’s quarterly revenue was down 25.8% on a year-over-year basis. Equities research analysts anticipate that Rivian Automotive, Inc. will post -3.1 earnings per share for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 21,446 shares of the company’s stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $16.17, for a total value of $346,781.82. Following the sale, the chief executive officer directly owned 1,001,138 shares in the company, valued at $16,188,401.46. This represents a 2.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 10,245 shares of the company’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total value of $184,410.00. Following the completion of the sale, the chief financial officer owned 946,814 shares in the company, valued at $17,042,652. This represents a 1.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 148,888 shares of company stock worth $2,411,276 over the last quarter. Insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Core Wealth Advisors LLC purchased a new stake in Rivian Automotive in the 4th quarter valued at about $27,000. SOA Wealth Advisors LLC. raised its stake in Rivian Automotive by 894.2% during the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after purchasing an additional 1,395 shares during the period. Zions Bancorporation National Association UT purchased a new position in Rivian Automotive during the fourth quarter worth approximately $33,000. Glass Jacobson Investment Advisors llc grew its position in Rivian Automotive by 96.3% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock valued at $34,000 after acquiring an additional 852 shares during the period. Finally, Newbridge Financial Services Group Inc. grew its position in Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 1,000 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.