Rivian Automotive (NASDAQ:RIVN) Trading Down 0.8%

Shares of Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report) were down 0.8% during trading on Wednesday . The company traded as low as $12.96 and last traded at $13.13. Approximately 5,919,902 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 40,592,141 shares. The stock had previously closed at $13.23.

Analyst Upgrades and Downgrades

Several research analysts have commented on RIVN shares. Truist Financial raised their price objective on Rivian Automotive from $13.00 to $16.00 and gave the company a “hold” rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday. Barclays increased their target price on Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 16th. Morgan Stanley increased their price objective on Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $15.00 target price on shares of Rivian Automotive in a report on Friday, August 16th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and an average price target of $18.09.

Read Our Latest Report on Rivian Automotive

Rivian Automotive Stock Performance

The firm has a 50 day simple moving average of $14.89 and a 200-day simple moving average of $12.24. 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:RIVNGet Free Report) last issued its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Equities research analysts predict that Rivian Automotive, Inc. will post -4.82 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction 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 directly owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were 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 directly owns 392,662 shares in the company, valued at $5,328,423.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were 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 of the company’s stock, valued at $10,234,023.75. The disclosure for this sale can be found here. Insiders sold a total of 417,497 shares of company stock valued at $6,732,150 in the last 90 days. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. lifted its holdings in shares of 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. First Horizon Advisors Inc. lifted its stake 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 valued at $38,000 after buying an additional 670 shares in the last quarter. Laidlaw Wealth Management LLC grew its holdings in shares of 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. GAMMA Investing LLC increased its position in shares of Rivian Automotive by 28.0% during the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock worth $47,000 after acquiring an additional 760 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its holdings in shares of Rivian Automotive by 18.3% in the 4th quarter. Quadrant Capital Group LLC now owns 5,191 shares of the electric vehicle automaker’s stock worth $122,000 after acquiring an additional 802 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

(Get Free Report)

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.

Further Reading

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