Rivian Automotive (NASDAQ:RIVN) Shares Down 0.1% - What's Next?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) fell 0.1% on Friday . The company traded as low as $10.07 and last traded at $10.11. 3,433,395 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 39,456,168 shares. The stock had previously closed at $10.12.

Analysts Set New Price Targets

RIVN has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an "underweight" rating in a research note on Wednesday, June 26th. Wedbush restated an "outperform" rating and issued a $20.00 target price on shares of Rivian Automotive in a research note on Wednesday, August 7th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $15.00 price target on shares of Rivian Automotive in a research note on Friday, August 16th. Cantor Fitzgerald reissued an "overweight" rating and issued a $19.00 price objective on shares of Rivian Automotive in a research note on Monday, September 30th. Finally, Guggenheim initiated coverage on Rivian Automotive in a report on Tuesday, June 25th. They set a "buy" rating and a $18.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $17.18.

Rivian Automotive Stock Performance

The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $10.12 billion, a PE ratio of -1.70 and a beta of 2.03. The business has a 50 day simple moving average of $12.43 and a 200 day simple moving average of $12.25.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data 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 company 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 predict that Rivian Automotive, Inc. will post -4.88 EPS for the current fiscal year.

Insider Activity

In related news, CFO Claire Mcdonough sold 3,210 shares of the firm's 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 transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Claire Mcdonough sold 3,210 shares of the company's 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 sale, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the transaction, the chief executive officer now directly owns 886,526 shares of the company's stock, valued at $12,127,675.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 241,305 shares of company stock valued at $3,369,273 over the last ninety days. 2.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently added to or reduced their stakes in the business. Quent Capital LLC boosted its position in Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker's stock worth $26,000 after purchasing an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker's stock worth $29,000 after buying an additional 2,380 shares in the last quarter. Benjamin Edwards Inc. acquired a new stake in Rivian Automotive during the first quarter valued at $33,000. International Assets Investment Management LLC purchased a new position in Rivian Automotive in the second quarter valued at $37,000. Finally, First Horizon Advisors Inc. raised its position in shares of Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker's stock worth $38,000 after acquiring an additional 670 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.