Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.9% - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares were down 2.9% during mid-day trading on Thursday . The company traded as low as $10.08 and last traded at $10.09. Approximately 6,128,698 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 38,798,090 shares. The stock had previously closed at $10.39.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on RIVN shares. Mizuho boosted their target price on shares of Rivian Automotive from $11.00 to $15.00 and gave the stock a "neutral" rating in a research report on Friday, July 12th. Truist Financial lowered their price objective on Rivian Automotive from $16.00 to $12.00 and set a "hold" rating for the company in a research note on Wednesday, October 16th. JPMorgan Chase & Co. cut their target price on Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating on the stock in a research report on Tuesday, October 22nd. The Goldman Sachs Group lowered their price target on Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating for the company in a research report on Tuesday, October 8th. Finally, Wedbush reaffirmed an "outperform" rating and set a $20.00 price objective on shares of Rivian Automotive in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Rivian Automotive presently has an average rating of "Hold" and an average target price of $17.09.

Rivian Automotive Price Performance

The business's fifty day moving average price is $11.88 and its 200-day moving average price is $12.27. The company has a market capitalization of $10.24 billion, a P/E ratio of -1.69 and a beta of 2.03. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly 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 net margin of 115.50% and a negative return on equity of 65.40%. The firm had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.17 billion. As a group, sell-side analysts predict that Rivian Automotive, Inc. will post -4.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the company's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the firm's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now directly owns 392,662 shares in the company, 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 worth $2,153,551 in the last quarter. 2.51% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Quent Capital LLC boosted its holdings in 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 acquiring an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker's stock worth $29,000 after purchasing an additional 2,380 shares in the last quarter. GHP Investment Advisors Inc. lifted 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 buying an additional 1,002 shares during the period. American Capital Advisory LLC boosted its holdings in shares of Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker's stock valued at $33,000 after buying an additional 2,111 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in shares of Rivian Automotive in the 2nd quarter worth about $37,000. 66.25% of the stock is owned by hedge funds and other 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.

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