Rivian Automotive (NASDAQ:RIVN) Trading Down 5.8% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 5.8% during mid-day trading on Friday . The stock traded as low as $9.91 and last traded at $10.15. Approximately 33,794,477 shares traded hands during mid-day trading, a decline of 16% from the average daily volume of 40,103,051 shares. The stock had previously closed at $10.78.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $14.00 price target on shares of Rivian Automotive in a research report on Tuesday, September 10th. Royal Bank of Canada restated a “sector perform” rating and issued a $15.00 price target on shares of Rivian Automotive in a research report on Friday, August 16th. Truist Financial raised their price objective on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Piper Sandler reaffirmed an “overweight” rating and set a $21.00 price objective on shares of Rivian Automotive in a report on Wednesday, June 26th. Finally, UBS Group reduced their price objective on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $17.91.

Rivian Automotive Stock Performance

The company has a market capitalization of $10.28 billion, a P/E ratio of -1.76 and a beta of 2.03. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The stock’s 50 day simple moving average is $13.43 and its two-hundred day simple moving average is $12.29.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.17 billion. As a group, research analysts expect that Rivian Automotive, Inc. will post -4.92 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $13,618,074.27. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 512,734 shares of company stock worth $8,038,565 in the last quarter. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. grew its holdings in Rivian Automotive by 1.7% during the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after purchasing an additional 604 shares during the period. First Horizon Advisors Inc. boosted its holdings in shares of Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after buying an additional 670 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Rivian Automotive by 28.0% in the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after buying an additional 760 shares during the period. Certuity LLC boosted its holdings in shares of Rivian Automotive by 8.1% in the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after buying an additional 815 shares during the period. Finally, Sanders Morris Harris LLC boosted its holdings in shares of Rivian Automotive by 8.9% in the second quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock valued at $136,000 after buying an additional 823 shares during the period. Institutional investors and hedge funds 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.