Rivian Automotive (NASDAQ:RIVN) Shares Down 0.8%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 0.8% during trading on Wednesday . The company traded as low as $12.96 and last traded at $13.13. Approximately 5,919,902 shares changed hands during trading, a decline of 85% from the average daily volume of 40,592,141 shares. The stock had previously closed at $13.23.

Analyst Ratings Changes

Several brokerages have issued reports on RIVN. Truist Financial upped their target price on Rivian Automotive from $13.00 to $16.00 and gave the company a “hold” rating in a report on Friday, August 2nd. Royal Bank of Canada reissued a “sector perform” rating and issued a $15.00 price objective on shares of Rivian Automotive in a report on Friday, August 16th. Guggenheim initiated coverage on shares of Rivian Automotive in a report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 target price on the stock. Wolfe Research initiated coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Finally, The Goldman Sachs Group increased their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Monday, July 1st. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.09.

Rivian Automotive Trading Up 4.5 %

The stock has a market capitalization of $13.76 billion, a price-to-earnings ratio of -2.28 and a beta of 2.06. 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 company has a fifty day moving average of $14.91 and a two-hundred day moving average of $12.23.

Rivian Automotive (NASDAQ:RIVN) last issued 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). The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. On average, research analysts expect that Rivian Automotive, Inc. will post -4.82 EPS for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the company’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $16,374,438. The transaction was disclosed in a 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 company’s stock in a transaction dated 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 sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $16,374,438. The sale 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 the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $15,482,940.82. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 417,497 shares of company stock valued at $6,732,150. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. boosted its holdings in shares of Rivian Automotive by 1.7% during the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock worth $492,000 after purchasing an additional 604 shares during the last quarter. First Horizon Advisors Inc. boosted its position in shares of Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after acquiring an additional 670 shares during the last quarter. Laidlaw Wealth Management LLC increased its position in Rivian Automotive by 7.5% during the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after purchasing an additional 718 shares during the last quarter. GAMMA Investing LLC grew its stake 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 buying an additional 760 shares during the period. Finally, Quadrant Capital Group LLC grew its stake in shares of Rivian Automotive by 18.3% during the 4th quarter. Quadrant Capital Group LLC now owns 5,191 shares of the electric vehicle automaker’s stock valued at $122,000 after buying an additional 802 shares during the period. 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.