Rivian Automotive (NASDAQ:RIVN) Trading Down 3.1% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 3.1% on Thursday . The stock traded as low as $10.74 and last traded at $10.72. Approximately 6,672,930 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 37,187,404 shares. The stock had previously closed at $11.06.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RIVN. Needham & Company LLC lifted their price objective on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Truist Financial lifted their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Guggenheim cut their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, February 24th. Cowen initiated coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They set a “hold” rating for the company. Finally, Barclays upped their price objective on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 22nd. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $14.73.

Rivian Automotive Stock Up 1.3 %

The company has a market capitalization of $12.16 billion, a PE ratio of -2.28 and a beta of 2.03. The firm’s 50-day simple moving average is $12.86 and its 200 day simple moving average is $12.30. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. As a group, equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 18,501 shares of Rivian Automotive stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the sale, the chief financial officer now owns 351,900 shares of the company’s stock, valued at $5,278,500. This trade represents a 4.99 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 203,928 shares of company stock worth $3,013,134. 2.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tandem Financial LLC purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $25,000. Bank of Jackson Hole Trust acquired a new stake in shares of Rivian Automotive during the fourth quarter valued at about $27,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive in the third quarter worth about $28,000. Orion Capital Management LLC acquired a new stake in Rivian Automotive during the 4th quarter valued at approximately $34,000. Finally, Bear Mountain Capital Inc. boosted its stake in shares of Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $36,000 after buying an additional 1,932 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.