Rivian Automotive (NASDAQ:RIVN) Shares Down 2.9%

Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 2.9% during trading on Monday . The company traded as low as $17.03 and last traded at $17.59. Approximately 21,675,971 shares changed hands during trading, a decline of 51% from the average daily volume of 44,376,113 shares. The stock had previously closed at $18.11.

Analysts Set New Price Targets

RIVN has been the topic of a number of research analyst reports. DA Davidson raised their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, June 28th. Royal Bank of Canada raised their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “sector perform” rating in a research note on Monday, July 1st. Wedbush raised their price objective on shares of Rivian Automotive from $15.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, June 26th. Truist Financial raised their price objective on shares of Rivian Automotive from $10.00 to $13.00 and gave the company a “hold” rating in a research note on Wednesday, June 26th. Finally, JPMorgan Chase & Co. lifted 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. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Moderate Buy” and a consensus target price of $19.21.

Rivian Automotive Price Performance

The stock’s 50-day moving average price is $11.96 and its 200 day moving average price is $12.89. The firm has a market cap of $17.47 billion, a price-to-earnings ratio of -3.07 and a beta of 2.07. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. Equities research analysts predict that Rivian Automotive, Inc. will post -4.87 earnings per share for the current year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 214,287 shares of company stock valued at $2,693,588. Insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. grew its stake in Rivian Automotive by 8.2% during the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock worth $201,000 after buying an additional 651 shares during the last quarter. Laidlaw Wealth Management LLC grew its stake 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 buying an additional 718 shares during the last quarter. Jamison Private Wealth Management Inc. grew its stake in Rivian Automotive by 10.8% during the fourth quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock worth $175,000 after buying an additional 727 shares during the last quarter. GAMMA Investing LLC grew its stake in Rivian Automotive by 28.0% during the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock worth $47,000 after buying an additional 760 shares during the last quarter. Finally, Parkside Financial Bank & Trust grew its stake in Rivian Automotive by 86.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock worth $40,000 after buying an additional 784 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

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.