Rivian Automotive (NASDAQ:RIVN) Trading Down 1.2% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were down 1.2% on Monday . The stock traded as low as $17.07 and last traded at $17.24. Approximately 15,822,734 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 31,947,197 shares. The stock had previously closed at $17.45.

Analysts Set New Price Targets

RIVN has been the topic of a number of recent research reports. TD Cowen restated a “buy” rating and set a $20.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 3rd. Benchmark reiterated a “buy” rating and issued a $25.00 price objective on shares of Rivian Automotive in a research note on Friday, May 1st. Cantor Fitzgerald reissued a “neutral” rating on shares of Rivian Automotive in a report on Monday, June 15th. Jefferies Financial Group increased their target price on Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a research report on Tuesday, July 7th. Finally, BNP Paribas Exane raised their price target on Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Twelve investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and six have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $18.86.

Rivian Automotive Stock Performance

The company has a 50-day moving average of $16.18 and a 200 day moving average of $16.04. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. The firm has a market capitalization of $23.30 billion, a PE ratio of -5.87 and a beta of 1.60.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.05. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.37 billion. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The company’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.48) EPS. Equities research analysts predict that Rivian Automotive, Inc. will post -3.06 EPS for the current year.

Insider Buying and Selling

In related news, Director Karen Boone sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the sale, the director directly owned 110,000 shares of the company’s stock, valued at $2,200,000. This trade represents a 15.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, 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 8,023 shares of Rivian Automotive stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the sale, the chief financial officer owned 887,007 shares of the company’s stock, valued at approximately $14,192,112. The trade was a 0.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 68,385 shares of company stock worth $1,125,094. Insiders own 1.48% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently made changes to their positions in RIVN. Handelsbanken Fonder AB increased its stake in Rivian Automotive by 2.1% in the second quarter. Handelsbanken Fonder AB now owns 270,800 shares of the electric vehicle automaker’s stock valued at $4,698,000 after acquiring an additional 5,600 shares during the last quarter. Valeo Financial Advisors LLC lifted its stake in Rivian Automotive by 6.8% during the second quarter. Valeo Financial Advisors LLC now owns 25,887 shares of the electric vehicle automaker’s stock worth $449,000 after purchasing an additional 1,642 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Rivian Automotive by 2.0% in the 2nd quarter. Assenagon Asset Management S.A. now owns 56,758 shares of the electric vehicle automaker’s stock worth $985,000 after purchasing an additional 1,134 shares in the last quarter. Western Wealth Management LLC purchased a new position in shares of Rivian Automotive in the 1st quarter worth about $179,000. Finally, Rathbones Group PLC bought a new position in shares of Rivian Automotive during the 1st quarter valued at about $237,000. 66.25% of the stock is owned by institutional investors.

About Rivian Automotive

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.