Rivian Automotive (NASDAQ:RIVN) Shares Down 4% - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares traded down 4% during mid-day trading on Friday . The stock traded as low as $12.35 and last traded at $12.50. 16,157,142 shares traded hands during trading, a decline of 56% from the average session volume of 36,873,636 shares. The stock had previously closed at $13.02.

Wall Street Analyst Weigh In

Several brokerages recently commented on RIVN. Truist Financial raised their target price on Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a research report on Thursday, January 16th. Wells Fargo & Company upped their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an "equal weight" rating in a research note on Friday, February 21st. Baird R W downgraded Rivian Automotive from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 18th. Benchmark restated a "buy" rating and issued a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 18th. Finally, Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 target price for the company. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $14.38.

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Rivian Automotive Trading Down 4.7 %

The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $14.03 billion, a P/E ratio of -2.63 and a beta of 2.03. The company has a fifty day simple moving average of $12.26 and a two-hundred day simple moving average of $12.12.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. On average, sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of the firm's stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at $11,879,847.36. This represents a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock valued at $2,588,475 in the last 90 days. 2.51% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Capital International Investors acquired a new position in Rivian Automotive during the fourth quarter worth approximately $144,030,000. Norges Bank acquired a new position in shares of Rivian Automotive during the 4th quarter worth approximately $123,308,000. Northern Trust Corp raised its stake in Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock valued at $96,275,000 after acquiring an additional 2,941,928 shares during the period. Twinbeech Capital LP acquired a new stake in Rivian Automotive during the 4th quarter valued at $29,944,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock worth $51,693,000 after purchasing an additional 2,035,831 shares during the period. Institutional investors 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.