Rivian Automotive (NASDAQ:RIVN) Shares Down 1.3%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 1.3% on Friday . The stock traded as low as $13.87 and last traded at $13.91. Approximately 5,870,110 shares traded hands during trading, a decline of 86% from the average daily volume of 41,365,465 shares. The stock had previously closed at $14.09.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Royal Bank of Canada reissued a “sector perform” rating and set a $15.00 price target on shares of Rivian Automotive in a report on Friday, August 16th. JPMorgan Chase & Co. boosted their price target on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a research report on Wednesday, June 26th. Morgan Stanley increased their price objective on shares of Rivian Automotive from $13.00 to $17.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. The Goldman Sachs Group raised their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Monday, July 1st. Finally, Canaccord Genuity Group upped their target price on Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, July 1st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $18.14.

Rivian Automotive Trading Up 0.3 %

The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The company has a 50 day moving average of $14.84 and a 200 day moving average of $12.34. The firm has a market cap of $14.06 billion, a P/E ratio of -2.41 and a beta of 2.09.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Analysts predict that Rivian Automotive, Inc. will post -4.72 EPS for the current fiscal year.

Insider Activity

In related news, CFO Claire Mcdonough sold 3,210 shares of the firm’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 transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on 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 a total of 488,926 shares of company stock valued at $7,552,869 over the last 90 days. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently made changes to their positions in the stock. Assenagon Asset Management S.A. lifted its position in shares of Rivian Automotive by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock worth $492,000 after acquiring an additional 604 shares during the period. Federated Hermes Inc. increased its holdings in Rivian Automotive by 8.2% in the 4th quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock valued at $201,000 after buying an additional 651 shares during the period. First Horizon Advisors Inc. raised its stake in shares of Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after buying an additional 670 shares in the last quarter. Laidlaw Wealth Management LLC lifted its holdings in shares of Rivian Automotive by 7.5% during the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after acquiring an additional 718 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of Rivian Automotive by 28.0% during the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after acquiring an additional 760 shares in the last quarter. 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.