Rivian Automotive (NASDAQ:RIVN) Stock Price Down 4.4% – Here’s Why

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 4.4% during trading on Friday . The company traded as low as $12.55 and last traded at $13.01. Approximately 37,773,149 shares traded hands during trading, an increase of 12% from the average daily volume of 33,586,262 shares. The stock had previously closed at $13.61.

Analyst Ratings Changes

Several research firms have recently weighed in on RIVN. Robert W. Baird reissued a “neutral” rating and issued a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Wells Fargo & Company increased their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Friday. Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their target price for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Sanford C. Bernstein initiated coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target for the company. Finally, Guggenheim cut their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $15.50.

Rivian Automotive Stock Performance

The firm has a market capitalization of $13.36 billion, a price-to-earnings ratio of -2.32 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm has a 50 day moving average price of $13.59 and a 200-day moving average price of $12.54.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 72.78% and a negative net margin of 121.38%. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -4.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the firm’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 sale, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 366,788 shares of company stock worth $5,024,431 over the last 90 days. 2.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its holdings 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 in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Rivian Automotive by 1,870.7% in the 3rd 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 in the last quarter. Mizuho Markets Americas LLC grew its position in shares of Rivian Automotive by 30.7% in the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock valued at $5,964,000 after buying an additional 124,950 shares during the last quarter. SG Americas Securities LLC raised its stake in Rivian Automotive by 42.7% during the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock worth $2,404,000 after acquiring an additional 54,053 shares in the last quarter. Finally, Alberta Investment Management Corp purchased a new stake in Rivian Automotive in the fourth quarter valued at $6,648,000. 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.