Rivian Automotive (NASDAQ:RIVN) Shares Down 2.3% - Here's Why

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

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on RIVN. Canaccord Genuity Group reduced their price target on Rivian Automotive from $30.00 to $28.00 and set a "buy" rating on the stock in a research report on Monday, October 7th. 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. Cantor Fitzgerald restated an "overweight" rating and issued a $19.00 price target on shares of Rivian Automotive in a research report on Monday, September 30th. The Goldman Sachs Group reduced their price target on Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating on the stock in a research report on Tuesday, October 8th. Finally, Wells Fargo & Company reduced their price target on Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $17.09.

Rivian Automotive Trading Down 3.6 %

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 business has a 50-day moving average of $11.99 and a 200-day moving average of $12.27. The firm has a market cap of $10.56 billion, a price-to-earnings ratio of -1.76 and a beta of 2.03.

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

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO Claire Mcdonough sold 3,210 shares of the business's stock in a transaction that occurred on Friday, August 16th. The stock was 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 in the company, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the business's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company's stock, valued at approximately $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 169,876 shares of company stock worth $2,153,551. Company insiders own 2.51% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently made changes to their positions in the stock. Quent Capital LLC boosted its stake in shares of Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker's stock valued at $26,000 after buying an additional 831 shares during the period. EverSource Wealth Advisors LLC raised its position in Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker's stock valued at $29,000 after purchasing an additional 2,380 shares in the last quarter. GHP Investment Advisors Inc. raised its position in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock valued at $29,000 after purchasing an additional 1,002 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Rivian Automotive during the second quarter valued at approximately $37,000. Finally, First Horizon Advisors Inc. raised its position 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 in the last quarter. 66.25% of the stock is currently owned by institutional investors.

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.