Rivian Automotive (NASDAQ:RIVN) Shares Down 3.3%

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were down 3.3% during trading on Friday . The company traded as low as $14.06 and last traded at $14.23. Approximately 9,716,427 shares were traded during trading, a decline of 77% from the average daily volume of 42,818,461 shares. The stock had previously closed at $14.72.

Analysts Set New Price Targets

A number of research firms have issued reports on RIVN. Truist Financial raised their target price on Rivian Automotive from $13.00 to $16.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. Royal Bank of Canada boosted their target price 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. Barclays raised their price target on shares of Rivian Automotive from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 16th. Cantor Fitzgerald reiterated an “overweight” rating and set a $19.00 price objective on shares of Rivian Automotive in a research report on Monday. Finally, DA Davidson raised their target price on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, June 28th. One analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.67.

Rivian Automotive Price Performance

The company has a fifty day simple moving average of $14.14 and a 200-day simple moving average of $12.55. The company has a market cap of $13.91 billion, a P/E ratio of -2.42 and a beta of 2.09. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (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 for the quarter, compared to analyst estimates of $1.15 billion. On average, sell-side analysts predict that Rivian Automotive, Inc. will post -4.68 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’s 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 owns 909,691 shares in the company, valued at $10,452,349.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,452,349.59. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $16,374,438. The disclosure for this sale can be found here. In the last quarter, insiders have sold 485,716 shares of company stock valued at $7,509,309. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of RIVN. Bear Mountain Capital Inc. acquired a new position in Rivian Automotive in the 4th quarter worth about $26,000. Quent Capital LLC increased its holdings in Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 831 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 2,380 shares in the last quarter. Principal Securities Inc. acquired a new stake in Rivian Automotive in the fourth quarter valued at approximately $33,000. Finally, Benjamin Edwards Inc. bought a new stake in Rivian Automotive in the first quarter worth approximately $33,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.