Rivian Automotive (NASDAQ:RIVN) Trading Down 1.8%

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) fell 1.8% during mid-day trading on Tuesday . The stock traded as low as $13.94 and last traded at $14.10. 6,322,818 shares were traded during mid-day trading, a decline of 85% from the average session volume of 41,698,402 shares. The stock had previously closed at $14.36.

Analyst Ratings Changes

A number of research analysts have recently weighed in on RIVN shares. Canaccord Genuity Group raised their price objective 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. Needham & Company LLC reduced their price objective on Rivian Automotive from $20.00 to $18.00 and set a "buy" rating on the stock in a research report on Wednesday, August 7th. Royal Bank of Canada reiterated a "sector perform" rating and set a $15.00 price objective on shares of Rivian Automotive in a research report on Friday, August 16th. Wells Fargo & Company reduced their target price on shares of Rivian Automotive from $18.00 to $15.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 7th. Finally, DA Davidson lifted their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a report on Friday, June 28th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $18.14.

Rivian Automotive Stock Performance

The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The firm has a market cap of $14.41 billion, a PE ratio of -2.51 and a beta of 2.09. The stock's 50 day moving average price is $14.71 and its 200 day moving average price is $12.32.

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

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $11.49, for a total value of $820,719.21. Following the completion of the transaction, the chief executive officer now 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 this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business's 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 transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,452,349.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 200,000 shares of the firm'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 sale, the chief executive officer now owns 909,691 shares of the company's stock, valued at $16,374,438. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 488,926 shares of company stock worth $7,552,869. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently made changes to their positions in RIVN. Cetera Investment Advisers grew its holdings in Rivian Automotive by 9.5% during the 2nd quarter. Cetera Investment Advisers now owns 210,381 shares of the electric vehicle automaker's stock worth $2,823,000 after acquiring an additional 18,243 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in Rivian Automotive by 149.5% in the second quarter. B. Riley Wealth Advisors Inc. now owns 52,117 shares of the electric vehicle automaker's stock valued at $699,000 after buying an additional 31,232 shares during the last quarter. Regal Investment Advisors LLC raised its stake in Rivian Automotive by 7.0% during the second quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker's stock valued at $262,000 after buying an additional 1,281 shares in the last quarter. Quarry LP bought a new stake in shares of Rivian Automotive in the 2nd quarter valued at approximately $105,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Rivian Automotive during the second quarter valued at $9,388,000. Institutional investors and hedge funds own 66.25% of the company's stock.

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.