Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.8%

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares were down 2.8% during trading on Friday . The company traded as low as $13.26 and last traded at $13.36. Approximately 10,004,007 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 40,890,332 shares. The stock had previously closed at $13.74.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on RIVN shares. Needham & Company LLC dropped their price target on Rivian Automotive from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, August 7th. Wedbush reiterated an "outperform" rating and issued a $20.00 price target on shares of Rivian Automotive in a research note on Wednesday, August 7th. Guggenheim started coverage on Rivian Automotive in a research note on Tuesday, June 25th. They issued a "buy" rating and a $18.00 price target for the company. Barclays increased their price target on Rivian Automotive from $14.00 to $16.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 16th. Finally, Mizuho increased their price target on Rivian Automotive from $11.00 to $15.00 and gave the company a "neutral" rating in a research note on Friday, July 12th. One equities research 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 target price of $18.14.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The stock has a fifty day simple moving average of $14.96 and a two-hundred day simple moving average of $12.24. The stock has a market capitalization of $13.34 billion, a price-to-earnings ratio of -2.29 and a beta of 2.07.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $1.17 billion. Analysts forecast that Rivian Automotive, Inc. will post -4.72 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,452,349.59. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $16,374,438. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated 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 of the company's stock, valued at approximately $10,452,349.59. The disclosure for this sale can be found here. Insiders sold a total of 488,926 shares of company stock worth $7,552,869 in the last three months. Company insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently added to or reduced their stakes in RIVN. Price T Rowe Associates Inc. MD boosted its stake in Rivian Automotive by 35.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker's stock valued at $2,277,304,000 after purchasing an additional 25,550,489 shares during the last quarter. Baillie Gifford & Co. boosted its stake in Rivian Automotive by 714.3% during the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker's stock valued at $277,046,000 after purchasing an additional 22,194,018 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Rivian Automotive by 1,521.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker's stock valued at $69,291,000 after purchasing an additional 5,937,605 shares during the last quarter. Norges Bank acquired a new position in Rivian Automotive during the 4th quarter valued at about $129,427,000. Finally, Vanguard Group Inc. lifted its position in shares of Rivian Automotive by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker's stock worth $1,602,629,000 after buying an additional 4,467,881 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

Rivian Automotive Company Profile

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.