Rivian Automotive (NASDAQ:RIVN) Shares Down 2.3% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) fell 2.3% on Tuesday . The stock traded as low as $10.48 and last traded at $10.61. 6,318,442 shares were traded during trading, a decline of 84% from the average session volume of 38,962,508 shares. The stock had previously closed at $10.86.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on RIVN shares. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $14.00 price target on shares of Rivian Automotive in a research note on Tuesday, September 10th. The Goldman Sachs Group lowered their price target on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. Needham & Company LLC reduced their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Barclays lowered their target price on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Finally, Wolfe Research began coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.09.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The company has a market capitalization of $10.54 billion, a P/E ratio of -1.78 and a beta of 2.03. The firm has a 50 day moving average price of $11.99 and a two-hundred day moving average price of $12.27.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. On average, research analysts expect that Rivian Automotive, Inc. will post -4.84 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 169,876 shares of company stock valued at $2,153,551 in the last ninety days. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently added to or reduced their stakes in the company. Quent Capital LLC lifted its stake in shares of Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares during the period. GHP Investment Advisors Inc. grew its position in shares of Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 2,380 shares during the last quarter. International Assets Investment Management LLC bought a new position in Rivian Automotive during the 2nd quarter worth approximately $37,000. Finally, First Horizon Advisors Inc. grew its holdings in Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after purchasing an additional 670 shares during the period. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.