Rivian Automotive (NASDAQ:RIVN) Trading Down 1%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 1% during mid-day trading on Monday . The company traded as low as $13.22 and last traded at $13.36. Approximately 5,036,320 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 40,280,402 shares. The stock had previously closed at $13.50.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RIVN. Guggenheim assumed coverage on shares of Rivian Automotive in a report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price objective for the company. Royal Bank of Canada restated a “sector perform” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research note on Friday, August 16th. Canaccord Genuity Group lifted their price objective on Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 1st. Morgan Stanley raised their price objective on Rivian Automotive from $13.00 to $17.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $21.00 price objective on shares of Rivian Automotive in a research report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $18.09.

Rivian Automotive Price Performance

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 stock has a fifty day moving average of $14.85 and a 200-day moving average of $12.29. The firm has a market capitalization of $13.63 billion, a P/E ratio of -2.32 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN) last posted 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 the consensus estimate of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. Equities analysts predict that Rivian Automotive, Inc. will post -4.92 EPS for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the firm’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 transaction of $3,600,000.00. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $16,374,438. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $14.97, for a total value of $1,069,292.13. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $13,618,074.27. 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 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 directly owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The disclosure for this sale can be found here. In the last three months, insiders have sold 417,497 shares of company stock valued at $6,732,150. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently bought and sold shares of RIVN. Price T Rowe Associates Inc. MD increased its stake in Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after acquiring an additional 25,550,489 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Rivian Automotive by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock worth $761,459,000 after buying an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. lifted its position in shares of Rivian Automotive by 30.5% during the 2nd quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock worth $443,072,000 after buying an additional 7,714,788 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Rivian Automotive by 1,521.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after buying an additional 5,937,605 shares in the last quarter. Finally, Norges Bank bought a new position in Rivian Automotive in the fourth quarter valued at about $129,427,000. 66.25% of the stock is owned by institutional investors.

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.