Rivian Automotive (NASDAQ:RIVN) Shares Down 5.6% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 5.6% on Thursday . The stock traded as low as $11.75 and last traded at $11.79. Approximately 14,552,511 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 37,149,404 shares. The stock had previously closed at $12.49.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on RIVN shares. Benchmark reiterated a “buy” rating and issued a $18.00 price target on shares of Rivian Automotive in a research note on Tuesday, March 18th. Cantor Fitzgerald downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and lifted their target price 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 report on Wednesday, January 22nd. Sanford C. Bernstein started coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective on the stock. Finally, Bank of America lowered Rivian Automotive from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Three 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $14.38.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company has a market capitalization of $12.68 billion, a P/E ratio of -2.37 and a beta of 2.03. The firm’s fifty day moving average is $12.17 and its 200 day moving average is $12.10.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating 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 firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. As a group, analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 6,856 shares of the business’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 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 approximately $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $11.82, for a total value of $844,290.78. Following the transaction, the chief executive officer now owns 853,011 shares in the company, valued at $10,082,590.02. The trade was a 7.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock worth $2,588,475 over the last quarter. Company insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently made changes to their positions in the company. Cerity Partners LLC lifted its stake in Rivian Automotive by 38.0% in the third quarter. Cerity Partners LLC now owns 61,927 shares of the electric vehicle automaker’s stock worth $695,000 after acquiring an additional 17,039 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Rivian Automotive by 6.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 76,651 shares of the electric vehicle automaker’s stock valued at $860,000 after purchasing an additional 4,338 shares in the last quarter. Townsquare Capital LLC purchased a new stake in shares of Rivian Automotive in the 3rd quarter worth approximately $263,000. Captrust Financial Advisors boosted its stake in shares of Rivian Automotive by 19.4% during the third quarter. Captrust Financial Advisors now owns 41,474 shares of the electric vehicle automaker’s stock valued at $465,000 after purchasing an additional 6,738 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new position in Rivian Automotive during the third quarter valued at approximately $1,158,000. 66.25% of the stock is currently 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.