Rivian Automotive (NASDAQ:RIVN) Shares Down 2.8%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price fell 2.8% on Friday . The stock traded as low as $13.26 and last traded at $13.36. Approximately 10,004,007 shares changed hands during trading, a decline of 76% from the average session volume of 40,890,332 shares. The stock had previously closed at $13.74.

Analyst Ratings Changes

Several brokerages have issued reports on RIVN. Piper Sandler reaffirmed an “overweight” rating and set a $21.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 26th. 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 note on Wednesday, June 26th. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research note on Wednesday, August 7th. Canaccord Genuity Group boosted their price target on shares of Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. Finally, Morgan Stanley upped their price target on shares of Rivian Automotive from $13.00 to $17.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $18.14.

Rivian Automotive Price Performance

The firm’s 50 day moving average is $14.96 and its 200 day moving average is $12.26. The firm has a market cap of $13.26 billion, a P/E ratio of -2.32 and a beta of 2.07. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data 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). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. As a group, analysts anticipate that Rivian Automotive, Inc. will post -4.72 earnings per share for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $11.49, for a total transaction of $820,719.21. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,452,349.59. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The transaction was disclosed in a 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 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 sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,452,349.59. The disclosure for this sale can be found here. Insiders have sold a total of 488,926 shares of company stock worth $7,552,869 in the last quarter. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC boosted its stake in shares of Rivian Automotive by 1,944.2% in the 4th 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 last quarter. Benjamin F. Edwards & Company Inc. purchased a new position in Rivian Automotive in the fourth quarter worth about $81,000. Charles Schwab Investment Management Inc. grew its stake in shares of Rivian Automotive by 4.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,393,539 shares of the electric vehicle automaker’s stock valued at $56,152,000 after purchasing an additional 111,512 shares during the period. Principal Securities Inc. purchased a new stake in shares of Rivian Automotive during the 4th quarter valued at about $33,000. Finally, Versor Investments LP purchased a new stake in shares of Rivian Automotive during the 4th quarter valued at about $315,000. 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.