Rivian Automotive (NASDAQ:RIVN) Shares Gap Down to $14.74

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $14.74, but opened at $13.96. Rivian Automotive shares last traded at $13.63, with a volume of 14,526,961 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Truist Financial raised their target price on Rivian Automotive from $10.00 to $13.00 and gave the stock a “hold” rating in a research report on Wednesday. Needham & Company LLC restated a “buy” rating and set a $13.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 8th. Piper Sandler restated an “overweight” rating and set a $21.00 target price on shares of Rivian Automotive in a research report on Wednesday. Wells Fargo & Company cut their price objective on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 8th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $13.00 price objective on shares of Rivian Automotive in a research report on Wednesday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $19.17.

Rivian Automotive Trading Down 5.6 %

The stock has a market capitalization of $13.84 billion, a price-to-earnings ratio of -2.41 and a beta of 2.01. The business has a 50 day simple moving average of $10.47 and a 200-day simple moving average of $13.55. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. As a group, equities analysts expect that Rivian Automotive, Inc. will post -4.94 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $11.49, for a total value of $820,719.21. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at $10,452,349.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently bought and sold shares of the business. Stifel Financial Corp grew its position in shares of Rivian Automotive by 7.3% in the third quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock valued at $6,997,000 after purchasing an additional 19,699 shares during the last quarter. Morgan Stanley grew its position in Rivian Automotive by 14.0% during the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after buying an additional 1,193,650 shares in the last quarter. Trust Point Inc. acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $246,000. Sapient Capital LLC acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $330,000. Finally, Gradient Investments LLC lifted its stake in Rivian Automotive by 72.4% during the fourth quarter. Gradient Investments LLC now owns 2,463 shares of the electric vehicle automaker’s stock worth $58,000 after purchasing an additional 1,034 shares during the last quarter. 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.