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

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded down 2% during trading on Tuesday . The company traded as low as $15.30 and last traded at $15.54. Approximately 21,032,572 shares were traded during trading, a decline of 29% from the average daily volume of 29,666,182 shares. The stock had previously closed at $15.86.

Wall Street Analyst Weigh In

RIVN has been the subject of several recent research reports. Wall Street Zen lowered Rivian Automotive from a “hold” rating to a “sell” rating in a research report on Saturday, September 5th. TD Cowen lifted their target price on shares of Rivian Automotive from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Piper Sandler upgraded shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $18.00 to $20.00 in a research note on Monday, July 27th. Morgan Stanley increased their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “underweight” rating in a report on Friday, July 31st. Finally, Wells Fargo & Company boosted their price objective on shares of Rivian Automotive from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Friday, July 31st. Twelve research analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $19.00.

Rivian Automotive Trading Down 2.0%

The stock has a 50-day simple moving average of $16.31 and a two-hundred day simple moving average of $15.91. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.65 and a current ratio of 2.10. The firm has a market cap of $22.50 billion, a PE ratio of -6.02 and a beta of 1.62.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.66) by $0.03. The firm had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The firm’s quarterly revenue was up 27.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.97) earnings per share. As a group, sell-side analysts anticipate that Rivian Automotive, Inc. will post -2.98 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, Director Karen Boone sold 20,000 shares of Rivian Automotive stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $20.00, for a total transaction of $400,000.00. Following the transaction, the director directly owned 110,000 shares of the company’s stock, valued at $2,200,000. The trade was a 15.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 13,144 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total transaction of $190,588.00. Following the sale, the chief financial officer owned 827,201 shares in the company, valued at approximately $11,994,414.50. The trade was a 1.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 41,167 shares of company stock worth $718,956 over the last quarter. 1.48% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of RIVN. Core Wealth Advisors LLC bought a new position in Rivian Automotive in the 4th quarter worth $27,000. MCF Advisors LLC lifted its position in shares of Rivian Automotive by 3,500.0% in the second quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock valued at $31,000 after acquiring an additional 1,750 shares in the last quarter. Oslo Pensjonsforsikring AS bought a new position in shares of Rivian Automotive in the first quarter worth about $39,000. MTM Investment Management LLC boosted its stake in shares of Rivian Automotive by 115.0% in the fourth quarter. MTM Investment Management LLC now owns 2,150 shares of the electric vehicle automaker’s stock worth $42,000 after acquiring an additional 1,150 shares during the period. Finally, Ancora Advisors LLC purchased a new stake in shares of Rivian Automotive during the second quarter worth about $44,000. 66.25% of the stock is currently owned by institutional investors.

About Rivian Automotive

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.

Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.