Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.3%

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price fell 1.3% during trading on Friday . The stock traded as low as $13.87 and last traded at $13.91. 5,870,110 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 41,365,465 shares. The stock had previously closed at $14.09.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RIVN. 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. Wedbush restated an "outperform" rating and issued a $20.00 price objective on shares of Rivian Automotive in a research report on Wednesday, August 7th. Wells Fargo & Company lowered their price objective on Rivian Automotive from $18.00 to $15.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 7th. Guggenheim assumed coverage on Rivian Automotive in a report on Tuesday, June 25th. They issued a "buy" rating and a $18.00 target price on the stock. Finally, UBS Group reduced their target price on Rivian Automotive from $17.00 to $16.00 and set a "neutral" rating on the stock in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of "Hold" and a consensus price target of $18.14.

Rivian Automotive Stock Up 0.3 %

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 cap of $14.06 billion, a PE ratio of -2.45 and a beta of 2.09. The business has a fifty day moving average of $14.92 and a 200-day moving average of $12.33.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly 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 firm 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%. Equities research analysts anticipate that Rivian Automotive, Inc. will post -4.72 earnings per share for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the company's stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now owns 909,691 shares of the company's stock, valued at approximately $10,234,023.75. The disclosure for this sale can be found here. Insiders sold a total of 488,926 shares of company stock worth $7,552,869 over the last 90 days. Company insiders own 2.30% of the company's stock.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in the business. SteelPeak Wealth LLC acquired a new position in shares of Rivian Automotive in the 1st quarter valued at $265,000. Berkshire Capital Holdings Inc. increased its position in shares of Rivian Automotive by 3,511,500.0% in the 4th quarter. Berkshire Capital Holdings Inc. now owns 351,160 shares of the electric vehicle automaker's stock valued at $8,238,000 after acquiring an additional 351,150 shares during the period. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $81,000. Massachusetts Financial Services Co. MA acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $6,106,000. Finally, Allianz Asset Management GmbH increased its position in shares of Rivian Automotive by 9.9% in the 4th quarter. Allianz Asset Management GmbH now owns 3,403,461 shares of the electric vehicle automaker's stock valued at $79,845,000 after acquiring an additional 306,551 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.