Rivian Automotive (NASDAQ:RIVN) Stock Price Down 4.2%

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) fell 4.2% during mid-day trading on Wednesday . The company traded as low as $13.86 and last traded at $13.87. 7,540,927 shares changed hands during trading, a decline of 82% from the average session volume of 41,576,848 shares. The stock had previously closed at $14.48.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on RIVN shares. Barclays upped their target price on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 16th. Needham & Company LLC dropped their price target on shares of Rivian Automotive from $20.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday, August 7th. Wells Fargo & Company reduced their target price on Rivian Automotive from $18.00 to $15.00 and set an "equal weight" rating for the company in a report on Wednesday, August 7th. Guggenheim started coverage on shares of Rivian Automotive in a research report on Tuesday, June 25th. They set a "buy" rating and a $18.00 price target for the company. Finally, Piper Sandler restated 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 given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $18.14.

Rivian Automotive Trading Down 4.5 %

The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The stock has a market capitalization of $13.77 billion, a P/E ratio of -2.40 and a beta of 2.09. The firm'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) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The business had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.17 billion. As a group, equities research analysts expect that Rivian Automotive, Inc. will post -4.72 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the 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 transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares of the company's stock, valued at $10,234,023.75. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. The disclosure for this sale can be found here. Insiders have sold 488,926 shares of company stock worth $7,552,869 over the last ninety days. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently bought and sold shares of RIVN. International Assets Investment Management LLC lifted its position in Rivian Automotive by 1,944.2% during the fourth quarter. International Assets Investment Management LLC now owns 140,291 shares of the electric vehicle automaker's stock valued at $3,291,000 after purchasing an additional 133,428 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of Rivian Automotive by 8.2% in the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker's stock worth $201,000 after purchasing an additional 651 shares in the last quarter. GAMMA Investing LLC bought a new stake in shares of Rivian Automotive during the 4th quarter valued at $84,000. Van ECK Associates Corp boosted its stake in shares of Rivian Automotive by 1.5% in the fourth quarter. Van ECK Associates Corp now owns 236,275 shares of the electric vehicle automaker's stock worth $5,543,000 after acquiring an additional 3,597 shares during the period. Finally, First Horizon Advisors Inc. raised its stake in Rivian Automotive by 110.2% during the 4th quarter. First Horizon Advisors Inc. now owns 2,787 shares of the electric vehicle automaker's stock valued at $65,000 after purchasing an additional 1,461 shares during the period. Hedge funds and other institutional investors 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.