Rivian Automotive (NASDAQ:RIVN) Trading Down 1.6%

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded down 1.6% during mid-day trading on Thursday . The company traded as low as $14.53 and last traded at $14.65. 52,620,506 shares were traded during trading, a decline of 0% from the average session volume of 52,736,184 shares. The stock had previously closed at $14.89.

Analysts Set New Price Targets

Several brokerages have recently commented on RIVN. Barclays raised their target price on Rivian Automotive from $10.00 to $14.00 and gave the company an “equal weight” rating in a research note on Monday. Cantor Fitzgerald boosted their price objective on Rivian Automotive from $15.00 to $19.00 and gave the company an “overweight” rating in a report on Wednesday, June 26th. Wedbush increased their target price on Rivian Automotive from $15.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, June 26th. Truist Financial lifted their price target on shares of Rivian Automotive from $10.00 to $13.00 and gave the company a “hold” rating in a research report on Wednesday, June 26th. Finally, Mizuho lowered their price objective on shares of Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.04.

Rivian Automotive Price Performance

The business’s 50 day moving average is $11.02 and its two-hundred day moving average is $13.33. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. The firm has a market capitalization of $14.58 billion, a PE ratio of -2.54 and a beta of 2.08.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing the consensus estimate of ($1.38) by ($0.03). Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Equities research analysts anticipate that Rivian Automotive, Inc. will post -4.87 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RIVN. Bear Mountain Capital Inc. purchased a new stake in Rivian Automotive during the fourth quarter valued at about $26,000. Principal Securities Inc. purchased a new position in shares of Rivian Automotive during the 4th quarter valued at about $33,000. Arlington Trust Co LLC bought a new stake in Rivian Automotive in the 4th quarter worth approximately $35,000. Fairman Group LLC purchased a new stake in Rivian Automotive in the fourth quarter worth approximately $36,000. Finally, Parkside Financial Bank & Trust grew its position in Rivian Automotive by 86.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock valued at $40,000 after acquiring an additional 784 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.