Rivian Automotive (NASDAQ:RIVN) Shares Gap Down to $11.84

Rivian Automotive, Inc. (NASDAQ:RIVN) gapped down before the market opened on Wednesday . The stock had previously closed at $11.84, but opened at $11.43. Rivian Automotive shares last traded at $11.26, with a volume of 7,496,701 shares.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of recent analyst reports. Barclays upped their price objective on Rivian Automotive from $14.00 to $16.00 and gave the company an “equal weight” rating in a report on Tuesday, July 16th. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research note on Wednesday, August 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $19.00 price objective on shares of Rivian Automotive in a research report on Monday. UBS Group decreased their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company lowered 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. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $17.91.

Rivian Automotive Stock Down 6.0 %

The firm has a market cap of $11.08 billion, a PE ratio of -1.91 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 firm has a 50 day moving average price of $14.25 and a 200-day moving average price of $12.33.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly 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 return on equity of 65.40% and a negative net margin of 115.50%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Research analysts forecast that Rivian Automotive, Inc. will post -4.8 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now owns 886,526 shares in the company, valued at $12,127,675.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 429,401 shares of company stock worth $7,068,569. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of large investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its stake in shares of Rivian Automotive by 35.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after buying an additional 25,550,489 shares during the period. Baillie Gifford & Co. raised its stake in shares of 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 worth $277,046,000 after purchasing an additional 22,194,018 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of 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 worth $69,291,000 after purchasing an additional 5,937,605 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Rivian Automotive by 7.0% during 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 during the period. Finally, Renaissance Technologies LLC grew its position in Rivian Automotive by 153.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after buying an additional 3,285,867 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.