Rivian Automotive (NASDAQ:RIVN) Stock Price Down 0.4%

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were down 0.4% during trading on Wednesday . The company traded as low as $13.04 and last traded at $13.05. Approximately 3,914,612 shares changed hands during trading, a decline of 90% from the average daily volume of 40,035,543 shares. The stock had previously closed at $13.10.

Analyst Ratings Changes

RIVN has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their target price on Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a research note on Wednesday, June 26th. Wells Fargo & Company reduced their target price on shares of Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. Guggenheim started coverage on shares of Rivian Automotive in a research report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 target price for the company. The Goldman Sachs Group lifted their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Monday, July 1st. Finally, Morgan Stanley increased their price objective on Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and an average price target of $18.09.

Rivian Automotive Price Performance

The company has a market cap of $12.98 billion, a price-to-earnings ratio of -2.26 and a beta of 2.06. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The business has a 50-day moving average price of $14.75 and a 200 day moving average price of $12.31.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. As a group, research analysts expect that Rivian Automotive, Inc. will post -4.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $16,374,438. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $16,374,438. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $17.02, for a total value of $1,215,721.58. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $15,482,940.82. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 500,830 shares of company stock valued at $7,872,145. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of RIVN. Principal Securities Inc. purchased a new stake in shares of Rivian Automotive during the fourth quarter worth $33,000. Fairman Group LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at about $36,000. Quent Capital LLC lifted its holdings in shares of Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 831 shares during the last quarter. Creekmur Asset Management LLC bought a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $51,000. Finally, FinTrust Capital Advisors LLC increased its holdings in Rivian Automotive by 552.5% in the fourth quarter. FinTrust Capital Advisors LLC now owns 2,610 shares of the electric vehicle automaker’s stock worth $61,000 after buying an additional 2,210 shares during the last quarter. Institutional investors and hedge funds 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.