Rivian Automotive (NASDAQ:RIVN) Shares Down 3.3% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) fell 3.3% during mid-day trading on Wednesday . The stock traded as low as $16.99 and last traded at $17.18. 21,069,378 shares were traded during trading, a decline of 34% from the average session volume of 31,823,348 shares. The stock had previously closed at $17.76.

Analysts Set New Price Targets

Several equities analysts recently weighed in on RIVN shares. Cantor Fitzgerald restated a “neutral” rating on shares of Rivian Automotive in a report on Monday, June 15th. Jefferies Financial Group upped their price target on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “hold” rating in a report on Tuesday, July 7th. DA Davidson lifted their target price on Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Wall Street Zen raised shares of Rivian Automotive from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Finally, Benchmark reiterated a “buy” rating and issued a $25.00 target price on shares of Rivian Automotive in a research note on Friday, May 1st. Twelve equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and an average target price of $18.86.

Rivian Automotive Stock Down 3.3%

The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64. The firm has a market capitalization of $23.38 billion, a P/E ratio of -5.88 and a beta of 1.60. The firm’s fifty day moving average price is $16.18 and its 200-day moving average price is $16.04.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.05. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the prior year, the firm posted ($0.48) earnings per share. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. As a group, equities research analysts forecast that Rivian Automotive, Inc. will post -3.06 earnings per share for the current year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,818 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the sale, the chief executive officer directly owned 922,286 shares in the company, valued at approximately $13,834,290. The trade was a 3.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the sale, the chief financial officer directly owned 887,007 shares of the company’s stock, valued at $14,192,112. The trade was a 0.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 68,385 shares of company stock worth $1,125,094 over the last 90 days. 1.48% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Core Wealth Advisors LLC bought a new position in shares of Rivian Automotive in the fourth quarter valued at $27,000. SOA Wealth Advisors LLC. raised its position in shares of Rivian Automotive by 894.2% during the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after purchasing an additional 1,395 shares during the period. Zions Bancorporation National Association UT purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at $33,000. Glass Jacobson Investment Advisors llc boosted its position in shares of Rivian Automotive by 96.3% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock valued at $34,000 after purchasing an additional 852 shares during the period. Finally, Newbridge Financial Services Group Inc. increased its stake in Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 1,000 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.