Shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) were down 3.7% during mid-day trading on Wednesday after UBS Group lowered their price target on the stock from $17.00 to $16.00. UBS Group currently has a neutral rating on the stock. Rivian Automotive traded as low as $13.36 and last traded at $14.25. Approximately 23,886,598 shares were traded during trading, a decline of 44% from the average daily volume of 42,945,895 shares. The stock had previously closed at $14.80.
Other equities analysts also recently issued research reports about the company. Piper Sandler restated an “overweight” rating and issued a $21.00 target price on shares of Rivian Automotive in a research report on Wednesday, June 26th. DA Davidson raised their target price on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, June 28th. Wells Fargo & Company decreased their target price on Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Barclays raised their target price on Rivian Automotive from $14.00 to $16.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 16th. Finally, JPMorgan Chase & Co. raised their target price on Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a research report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Moderate Buy” and a consensus price target of $19.67.
Insiders Place Their Bets
In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total transaction of $1,215,721.58. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $15,482,940.82. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $16,374,438. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $17.02, for a total value of $1,215,721.58. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $15,482,940.82. The disclosure for this sale can be found here. Insiders sold a total of 485,716 shares of company stock valued at $7,509,309 over the last quarter. 2.30% of the stock is owned by insiders.
Institutional Investors Weigh In On Rivian Automotive
A number of institutional investors have recently modified their holdings of RIVN. Bear Mountain Capital Inc. purchased a new position in Rivian Automotive in the fourth quarter valued at $26,000. Principal Securities Inc. purchased a new position in Rivian Automotive in the fourth quarter valued at $33,000. Fairman Group LLC purchased a new position in Rivian Automotive in the fourth quarter valued at $36,000. Parkside Financial Bank & Trust boosted its holdings in Rivian Automotive by 86.6% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock valued at $40,000 after purchasing an additional 784 shares during the period. Finally, Pacific Capital Wealth Advisors Inc. purchased a new position in Rivian Automotive in the fourth quarter valued at $40,000. 66.25% of the stock is owned by institutional investors and hedge funds.
Rivian Automotive Stock Performance
The stock has a market capitalization of $13.72 billion, a PE ratio of -2.39 and a beta of 2.09. The stock has a fifty day moving average of $14.06 and a 200-day moving average of $12.54. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55.
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last released its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. Equities analysts anticipate that Rivian Automotive, Inc. will post -4.68 earnings per share for the current fiscal year.
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.