Rivian Automotive (NASDAQ:RIVN) Stock Price Down 0.5% - Here's What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) dropped 0.5% during trading on Wednesday . The company traded as low as $11.20 and last traded at $11.21. Approximately 6,059,188 shares traded hands during trading, a decline of 84% from the average daily volume of 38,281,731 shares. The stock had previously closed at $11.26.

Analyst Ratings Changes

RIVN has been the topic of several recent research reports. Guggenheim dropped their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Monday, February 24th. Barclays boosted their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a research note on Wednesday, January 22nd. Needham & Company LLC raised their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a report on Friday, February 21st. Wedbush reiterated an "outperform" rating and issued a $20.00 price objective on shares of Rivian Automotive in a research report on Friday, November 8th. Finally, Baird R W downgraded Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. 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 company. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of "Hold" and a consensus target price of $14.87.

Rivian Automotive Trading Down 1.3 %

The stock's fifty day moving average price is $13.17 and its 200 day moving average price is $12.39. The stock has a market cap of $12.74 billion, a P/E ratio of -2.36 and a beta of 2.04. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its 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 net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Equities research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In related news, CFO Claire Mcdonough sold 18,501 shares of Rivian Automotive stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the sale, the chief financial officer now owns 351,900 shares of the company's stock, valued at approximately $5,278,500. This trade represents a 4.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total transaction of $991,434.52. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at $11,983,450.68. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 275,357 shares of company stock valued at $3,988,140 in the last ninety days. Corporate insiders own 2.51% of the company's stock.

Institutional Trading of Rivian Automotive

A number of large investors have recently made changes to their positions in the business. Baillie Gifford & Co. raised its position in Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker's stock valued at $565,012,000 after purchasing an additional 17,341,786 shares during the period. Geode Capital Management LLC raised its holdings in shares of Rivian Automotive by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after buying an additional 227,168 shares during the period. Capital International Investors bought a new position in shares of Rivian Automotive in the fourth quarter worth about $144,030,000. Norges Bank purchased a new position in shares of Rivian Automotive during the fourth quarter worth approximately $123,308,000. Finally, Soma Equity Partners LP raised its stake in shares of Rivian Automotive by 19.9% during the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock valued at $112,865,000 after acquiring an additional 1,407,772 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.