Rivian Automotive (NASDAQ:RIVN) Shares Down 4.6% - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) dropped 4.6% on Tuesday . The stock traded as low as $10.85 and last traded at $10.98. Approximately 12,758,144 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 38,385,328 shares. The stock had previously closed at $11.51.

Analyst Ratings Changes

RIVN has been the topic of several research analyst reports. Cantor Fitzgerald lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and lifted their price objective for the company from $13.00 to $15.00 in a research note on Friday, February 21st. Barclays boosted their price target 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. Baird R W lowered Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Truist Financial boosted their price target on Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a research report on Thursday, January 16th. Finally, Royal Bank of Canada reduced their price target on Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating on the stock in a research report on Friday, November 8th. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Rivian Automotive currently has a consensus rating of "Hold" and a consensus target price of $14.87.

Rivian Automotive Stock Performance

The stock has a market capitalization of $12.91 billion, a P/E ratio of -2.42 and a beta of 2.04. The stock has a 50 day moving average of $13.22 and a 200 day moving average of $12.40. 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 - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. Equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the company's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total value of $991,434.52. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company's stock, valued at approximately $11,983,450.68. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 275,357 shares of company stock valued at $3,988,140. 2.51% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several institutional investors have recently modified their holdings of RIVN. International Assets Investment Management LLC lifted its holdings in shares of Rivian Automotive by 1,870.7% in the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker's stock valued at $608,000 after buying an additional 51,464 shares during the period. Financial Advocates Investment Management acquired a new position in Rivian Automotive during the third quarter valued at $133,000. Farther Finance Advisors LLC raised its position in Rivian Automotive by 150.2% during the third quarter. Farther Finance Advisors LLC now owns 15,588 shares of the electric vehicle automaker's stock valued at $175,000 after buying an additional 9,357 shares during the period. Van ECK Associates Corp raised its position in Rivian Automotive by 31.0% during the third quarter. Van ECK Associates Corp now owns 372,093 shares of the electric vehicle automaker's stock valued at $4,175,000 after buying an additional 88,047 shares during the period. Finally, Robeco Institutional Asset Management B.V. raised its position in Rivian Automotive by 1,090.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 169,384 shares of the electric vehicle automaker's stock valued at $1,900,000 after buying an additional 155,150 shares during the period. 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.