Rivian Automotive (NASDAQ:RIVN) Trading Down 1.8% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were down 1.8% during trading on Wednesday . The stock traded as low as $14.33 and last traded at $14.72. Approximately 51,644,577 shares changed hands during trading, an increase of 34% from the average daily volume of 38,405,055 shares. The stock had previously closed at $14.99.

Analyst Upgrades and Downgrades

RIVN has been the subject of several recent analyst reports. Canaccord Genuity Group restated a “buy” rating and issued a $21.00 price target on shares of Rivian Automotive in a research note on Friday, October 3rd. Cfra Research raised Rivian Automotive to a “moderate sell” rating in a research report on Thursday, October 2nd. Wedbush dropped their price target on shares of Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, August 6th. JPMorgan Chase & Co. boosted their price objective on shares of Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a report on Monday, October 20th. Finally, Needham & Company LLC restated a “buy” rating and set a $14.00 price objective on shares of Rivian Automotive in a research report on Monday, August 25th. Six research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $14.34.

Rivian Automotive Stock Performance

The business’s fifty day moving average is $14.27 and its 200-day moving average is $13.87. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87. The company has a market cap of $18.22 billion, a PE ratio of -4.78 and a beta of 1.81.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) EPS for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.02. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the prior year, the company earned ($1.08) earnings per share. The firm’s revenue was up 78.3% on a year-over-year basis. As a group, research analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 52,350 shares of the business’s stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total transaction of $869,010.00. Following the completion of the sale, the chief executive officer owned 1,246,405 shares of the company’s stock, valued at approximately $20,690,323. The trade was a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold 87,250 shares of company stock worth $1,357,610 in the last quarter. 2.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Prospera Financial Services Inc increased its holdings in Rivian Automotive by 5.2% in the 3rd quarter. Prospera Financial Services Inc now owns 15,803 shares of the electric vehicle automaker’s stock worth $232,000 after acquiring an additional 775 shares in the last quarter. Siemens Fonds Invest GmbH increased its stake in shares of Rivian Automotive by 7.7% in the third quarter. Siemens Fonds Invest GmbH now owns 10,874 shares of the electric vehicle automaker’s stock worth $160,000 after purchasing an additional 780 shares in the last quarter. First National Trust Co raised its position in shares of Rivian Automotive by 5.3% during the 1st quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker’s stock valued at $199,000 after purchasing an additional 800 shares during the period. Equitable Holdings Inc. lifted its stake in shares of Rivian Automotive by 5.8% during the 3rd quarter. Equitable Holdings Inc. now owns 14,699 shares of the electric vehicle automaker’s stock valued at $216,000 after buying an additional 803 shares in the last quarter. Finally, TD Asset Management Inc boosted its holdings in Rivian Automotive by 1.2% in the 2nd quarter. TD Asset Management Inc now owns 75,841 shares of the electric vehicle automaker’s stock worth $1,042,000 after buying an additional 870 shares during the period. 66.25% of the stock is owned by hedge funds and other 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.