Rivian Automotive (NASDAQ:RIVN) Shares Down 0.4%

Rivian Automotive, Inc. (NASDAQ:RIVN) shares dropped 0.4% during trading on Monday . The stock traded as low as $12.96 and last traded at $14.66. Approximately 15,972,218 shares traded hands during trading, a decline of 63% from the average daily volume of 42,995,871 shares. The stock had previously closed at $14.72.

Wall Street Analyst Weigh In

RIVN has been the topic of several recent research reports. UBS Group upped their target price on shares of Rivian Automotive from $10.00 to $17.00 and gave the company a “neutral” rating in a research report on Friday, June 28th. Royal Bank of Canada raised their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “sector perform” rating in a research report on Monday, July 1st. Canaccord Genuity Group raised their target price on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, July 1st. Piper Sandler reissued an “overweight” rating and set a $21.00 target price on shares of Rivian Automotive in a report on Wednesday, June 26th. Finally, Wells Fargo & Company lifted their price objective on shares of Rivian Automotive from $10.00 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, July 18th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.92.

Rivian Automotive Stock Performance

The stock has a market cap of $14.54 billion, a price-to-earnings ratio of -2.53 and a beta of 2.09. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. The stock’s 50 day moving average is $13.82 and its two-hundred day moving average is $12.54.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data 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). The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. Analysts anticipate that Rivian Automotive, Inc. will post -4.68 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the 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 completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,452,349.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $11.49, for a total transaction of $820,719.21. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,452,349.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $16,374,438. The disclosure for this sale can be found here. Insiders sold 485,716 shares of company stock worth $7,509,309 in the last 90 days. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently modified their holdings of the company. Bear Mountain Capital Inc. purchased a new position in Rivian Automotive in the fourth quarter valued at approximately $26,000. Quent Capital LLC raised its holdings in Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 831 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of 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 purchasing an additional 2,380 shares in the last quarter. Principal Securities Inc. acquired a new position in shares of Rivian Automotive during the fourth quarter worth $33,000. Finally, Benjamin Edwards Inc. acquired a new position in shares of Rivian Automotive during the first quarter worth $33,000. 66.25% of the stock is owned by institutional investors and hedge funds.

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.