Rivian Automotive (NASDAQ:RIVN) Shares Down 3.2%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 3.2% during trading on Thursday . The company traded as low as $15.84 and last traded at $15.88. Approximately 7,672,968 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 43,128,332 shares. The stock had previously closed at $16.41.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of recent research reports. Truist Financial raised their target price on Rivian Automotive from $10.00 to $13.00 and gave the stock a “hold” rating in a report on Wednesday, June 26th. Mizuho increased their price target on Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. Morgan Stanley increased their price target on Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group increased their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research note on Monday, July 1st. Finally, Wedbush increased their price target on Rivian Automotive from $15.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.79.

Rivian Automotive Stock Down 7.5 %

The company has a 50 day simple moving average of $13.63 and a two-hundred day simple moving average of $12.61. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $15.11 billion, a P/E ratio of -2.75 and a beta of 2.08.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.15 billion. As a group, equities analysts predict that Rivian Automotive, Inc. will post -4.68 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $10,234,023.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the sale, the chief executive officer now owns 909,691 shares in the company, valued at $10,234,023.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The disclosure for this sale can be found here. Insiders sold 485,716 shares of company stock worth $7,509,309 over the last 90 days. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of large investors have recently modified their holdings of RIVN. Raymond James Financial Services Advisors Inc. lifted its holdings in Rivian Automotive by 9.9% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 297,944 shares of the electric vehicle automaker’s stock worth $6,990,000 after buying an additional 26,915 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Rivian Automotive by 4.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 34,238 shares of the electric vehicle automaker’s stock worth $803,000 after buying an additional 1,439 shares during the period. Trust Point Inc. purchased a new stake in Rivian Automotive during the fourth quarter worth $246,000. Arizona State Retirement System lifted its holdings in Rivian Automotive by 1.7% during the fourth quarter. Arizona State Retirement System now owns 180,905 shares of the electric vehicle automaker’s stock worth $4,244,000 after buying an additional 3,011 shares during the period. Finally, International Assets Investment Management LLC lifted its holdings in Rivian Automotive by 1,944.2% during the fourth quarter. International Assets Investment Management LLC now owns 140,291 shares of the electric vehicle automaker’s stock worth $3,291,000 after buying an additional 133,428 shares during the period. Hedge funds and other 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.