Rivian Automotive (NASDAQ:RIVN) Trading Down 4.7% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded down 4.7% during mid-day trading on Wednesday . The stock traded as low as $12.32 and last traded at $12.66. 22,413,681 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 37,132,458 shares. The stock had previously closed at $13.28.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Truist Financial raised their target price on shares of 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 Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Friday, February 21st. Bank of America lowered Rivian Automotive from a “neutral” rating to an “underperform” rating and cut their price target for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Sanford C. Bernstein began coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price objective for the company. Finally, UBS Group raised their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $14.38.

Rivian Automotive Price Performance

The stock’s 50 day simple moving average is $12.22 and its 200-day simple moving average is $12.11. The firm has a market cap of $14.34 billion, a price-to-earnings ratio of -2.69 and a beta of 2.03. 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) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 35,713 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. This represents a 3.97 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s 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 transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock worth $2,588,475 over the last three months. 2.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its stake 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 last quarter. Capital International Investors purchased a new stake in Rivian Automotive in the 4th quarter worth approximately $144,030,000. Norges Bank purchased a new stake in Rivian Automotive in the 4th quarter worth approximately $123,308,000. Soma Equity Partners LP grew its stake in shares of Rivian Automotive by 19.9% during the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock worth $112,865,000 after purchasing an additional 1,407,772 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Rivian Automotive by 68.5% during 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 purchasing an additional 2,941,928 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.