Rivian Automotive (NASDAQ:RIVN) Trading Down 4.5%

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were down 4.5% during mid-day trading on Tuesday . The company traded as low as $10.65 and last traded at $10.72. Approximately 16,933,967 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 40,114,961 shares. The stock had previously closed at $11.22.

Analysts Set New Price Targets

Several analysts recently weighed in on RIVN shares. Canaccord Genuity Group upped their price target on Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. Truist Financial upped their target price on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. Guggenheim began coverage on shares of Rivian Automotive in a research report on Tuesday, June 25th. They set a “buy” rating and a $18.00 target price on the stock. UBS Group decreased their price objective on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $14.00 price target on shares of Rivian Automotive in a research note on Tuesday, September 10th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.91.

Rivian Automotive Trading Down 6.1 %

The company’s fifty day moving average price is $13.79 and its two-hundred day moving average price is $12.32. The firm has a market cap of $10.48 billion, a P/E ratio of -1.86 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.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. As a group, sell-side analysts predict that Rivian Automotive, Inc. will post -4.8 EPS for the current fiscal year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $16,374,438. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $17.02, for a total transaction of $1,215,721.58. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $15,482,940.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The disclosure for this sale can be found here. Insiders have sold 512,734 shares of company stock worth $8,038,565 over the last ninety days. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fairman Group LLC purchased a new position in Rivian Automotive in the fourth quarter valued at approximately $36,000. Quent Capital LLC increased its holdings in Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 831 shares during the last quarter. Creekmur Asset Management LLC purchased a new stake in Rivian Automotive during the fourth quarter valued at about $51,000. FinTrust Capital Advisors LLC increased its stake in shares of 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 purchasing an additional 2,210 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares during the period. Hedge funds and other 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.