Rivian Automotive (NASDAQ:RIVN) Trading Down 1.1%

Rivian Automotive, Inc. (NASDAQ:RIVN) shares fell 1.1% during trading on Thursday . The company traded as low as $10.44 and last traded at $10.52. 5,460,958 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 40,054,188 shares. The stock had previously closed at $10.64.

Analyst Ratings Changes

Several equities research analysts recently weighed in on RIVN shares. DA Davidson upped their price target on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, June 28th. Wells Fargo & Company decreased their price target 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. Barclays raised their target price on shares of Rivian Automotive from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 16th. Guggenheim initiated coverage on Rivian Automotive in a research note on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price target on the stock. Finally, Truist Financial lifted their price objective on Rivian Automotive from $13.00 to $16.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $17.91.

Rivian Automotive Stock Up 0.9 %

The company’s 50-day simple moving average is $13.53 and its two-hundred day simple moving average is $12.30. The firm has a market capitalization of $10.83 billion, a P/E ratio of -1.84 and a beta of 2.06. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data 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 company had revenue of $1.16 billion during the quarter, compared to the consensus estimate 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, research analysts expect that Rivian Automotive, Inc. will post -4.92 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $13,618,074.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $14.97, for a total value of $1,069,292.13. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $13,618,074.27. The disclosure for this sale can be found here. Insiders have sold 512,734 shares of company stock valued at $8,038,565 over the last 90 days. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RIVN. TD Asset Management Inc raised its position in shares of Rivian Automotive by 11.6% during the 4th quarter. TD Asset Management Inc now owns 246,845 shares of the electric vehicle automaker’s stock valued at $5,791,000 after buying an additional 25,567 shares in the last quarter. Bank of Nova Scotia bought a new position in shares of Rivian Automotive during the 4th quarter valued at approximately $3,923,000. California State Teachers Retirement System raised its holdings in Rivian Automotive by 1.4% during the 4th quarter. California State Teachers Retirement System now owns 1,020,775 shares of the electric vehicle automaker’s stock valued at $23,947,000 after buying an additional 14,253 shares during the period. Belpointe Asset Management LLC purchased a new position in Rivian Automotive during the fourth quarter worth $241,000. Finally, Royal London Asset Management Ltd. increased its position in Rivian Automotive by 5.3% during the fourth quarter. Royal London Asset Management Ltd. now owns 254,015 shares of the electric vehicle automaker’s stock valued at $5,959,000 after acquiring an additional 12,875 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.