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

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares fell 2.8% during trading on Monday . The company traded as low as $11.24 and last traded at $11.27. 7,578,934 shares traded hands during trading, a decline of 81% from the average session volume of 40,131,066 shares. The stock had previously closed at $11.60.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of recent research reports. Piper Sandler reaffirmed an "overweight" rating and issued a $21.00 target price on shares of Rivian Automotive in a report on Wednesday, June 26th. Wolfe Research started coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They set a "peer perform" rating on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday, September 10th. Needham & Company LLC reduced their price target on shares of Rivian Automotive from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Wednesday, August 7th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Friday, August 16th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $17.91.

Rivian Automotive Trading Down 3.2 %

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 company's 50 day moving average price is $13.91 and its 200 day moving average price is $12.31. The company has a market cap of $11.18 billion, a price-to-earnings ratio of -1.95 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its 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). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Research analysts anticipate that Rivian Automotive, Inc. will post -4.8 EPS for the current year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 200,000 shares of the company's stock in a transaction on Friday, July 12th. The shares were 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 directly owns 909,691 shares in the company, valued at approximately $16,374,438. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, 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 transaction of $3,600,000.00. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company's stock, valued at approximately $16,374,438. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the company's 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 completion of the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. The disclosure for this sale can be found here. Over the last three months, insiders sold 512,734 shares of company stock valued at $8,038,565. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD raised its position in shares of Rivian Automotive by 35.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker's stock worth $2,277,304,000 after acquiring an additional 25,550,489 shares during the last quarter. Vanguard Group Inc. boosted its stake in Rivian Automotive by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker's stock worth $761,459,000 after acquiring an additional 1,226,357 shares during the last quarter. Baillie Gifford & Co. raised its holdings in Rivian Automotive by 30.5% in the second quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker's stock worth $443,072,000 after purchasing an additional 7,714,788 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Rivian Automotive by 1,521.2% in 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 buying an additional 5,937,605 shares during the period. Finally, Renaissance Technologies LLC raised its stake in Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker's stock worth $72,877,000 after buying an additional 3,285,867 shares during the period. Institutional investors 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.

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