Rivian Automotive (NASDAQ:RIVN) Trading Down 3.7%

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price was down 3.7% during mid-day trading on Tuesday . The stock traded as low as $13.61 and last traded at $13.61. Approximately 5,176,461 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 41,251,891 shares. The stock had previously closed at $14.13.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RIVN. Piper Sandler restated an "overweight" rating and issued a $21.00 price target on shares of Rivian Automotive in a research report on Wednesday, June 26th. UBS Group dropped their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 7th. The Goldman Sachs Group lifted their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a "neutral" rating in a research note on Monday, July 1st. Truist Financial boosted their target price on Rivian Automotive from $13.00 to $16.00 and gave the company a "hold" rating in a research report on Friday, August 2nd. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $15.00 price target on shares of Rivian Automotive in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $18.14.

Rivian Automotive Trading Down 6.9 %

The firm's 50-day simple moving average is $15.01 and its 200-day simple moving average is $12.25. The firm has a market capitalization of $13.09 billion, a PE ratio of -2.28 and a beta of 2.09. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN - Get 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). The firm had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. Equities analysts expect that Rivian Automotive, Inc. will post -4.72 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 392,662 shares of the company's stock, valued at approximately $5,328,423.34. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 Monday, July 22nd. The stock was sold at an average price of $17.02, for a total transaction of $1,215,721.58. Following the transaction, the chief executive officer now directly owns 909,691 shares of the company's stock, valued at approximately $15,482,940.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, 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 directly owns 392,662 shares of the company's stock, valued at approximately $5,328,423.34. The disclosure for this sale can be found here. Insiders sold a total of 488,926 shares of company stock valued at $7,552,869 over the last three months. Corporate insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RIVN. Quent Capital LLC grew its position in shares of Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker's stock valued at $26,000 after acquiring an additional 831 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker's stock valued at $29,000 after purchasing an additional 2,380 shares during the period. Principal Securities Inc. purchased a new stake in Rivian Automotive in the 4th quarter worth $33,000. Benjamin Edwards Inc. purchased a new position in shares of Rivian Automotive in the first quarter valued at about $33,000. Finally, Fairman Group LLC purchased a new stake in shares of Rivian Automotive during the fourth quarter worth about $36,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.