Rivian Automotive (NASDAQ:RIVN) Trading Down 2.8%

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were down 2.8% on Monday . The company traded as low as $11.24 and last traded at $11.27. Approximately 7,578,934 shares traded hands during trading, a decline of 81% from the average daily volume of 40,131,066 shares. The stock had previously closed at $11.60.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RIVN. UBS Group dropped their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Mizuho increased their target price on Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. Royal Bank of Canada restated a “sector perform” rating and issued a $15.00 price target on shares of Rivian Automotive in a research note on Friday, August 16th. Truist Financial boosted their target price on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, August 2nd. Finally, The Goldman Sachs Group lifted their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research note on Monday, July 1st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $17.91.

Rivian Automotive Price Performance

The business’s 50 day moving average is $13.91 and its two-hundred day moving average is $12.31. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The firm has a market cap of $11.18 billion, a P/E ratio of -1.95 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN) last released 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). The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. As a group, analysts anticipate that Rivian Automotive, Inc. will post -4.8 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction 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 completion of the sale, 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 available at the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction 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 Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $17.02, for a total transaction of $1,215,721.58. Following the completion of the sale, 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. Insiders have sold 512,734 shares of company stock worth $8,038,565 in the last quarter. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD lifted its stake in Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after purchasing an additional 25,550,489 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in Rivian Automotive by 714.3% during the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after purchasing an additional 22,194,018 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Rivian Automotive by 1,521.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after purchasing an additional 5,937,605 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Rivian Automotive by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after purchasing an additional 4,467,881 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Rivian Automotive by 153.2% in the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 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.