Rivian Automotive (NASDAQ:RIVN) Shares Gap Down to $17.50

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $17.50, but opened at $16.85. Rivian Automotive shares last traded at $16.58, with a volume of 4,410,290 shares.

Analyst Ratings Changes

Several analysts recently issued reports on RIVN shares. Wedbush raised their target price on Rivian Automotive from $15.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 26th. Truist Financial lifted their price objective on Rivian Automotive from $10.00 to $13.00 and gave the stock a “hold” rating in a research report on Wednesday, June 26th. Mizuho upped their target price on Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a report on Friday, July 12th. Wells Fargo & Company increased their price target on shares of Rivian Automotive from $10.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 18th. Finally, The Goldman Sachs Group increased their target price 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 analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.79.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. The stock has a market cap of $16.19 billion, a P/E ratio of -2.84 and a beta of 2.08. The business’s 50-day moving average price is $12.91 and its 200-day moving average price is $12.68.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results 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). Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -4.67 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $11.49, for a total value of $820,719.21. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,452,349.59. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly 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 SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $11.49, for a total transaction of $820,719.21. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,452,349.59. The disclosure for this sale can be found here. Insiders have sold 414,287 shares of company stock valued at $6,293,588 over the last 90 days. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. lifted its stake in 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 purchasing an additional 604 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Rivian Automotive by 8.2% in 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 in the last quarter. First Horizon Advisors Inc. lifted 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 buying an additional 670 shares in the last quarter. Laidlaw Wealth Management LLC boosted 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 valued at $241,000 after buying an additional 718 shares during the last quarter. Finally, Jamison Private Wealth Management Inc. grew its holdings in Rivian Automotive by 10.8% during the 4th quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock valued at $175,000 after buying an additional 727 shares in 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.