Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report)’s stock price gapped down before the market opened on Wednesday after UBS Group lowered their price target on the stock from $17.00 to $16.00. The stock had previously closed at $14.80, but opened at $13.48. UBS Group currently has a neutral rating on the stock. Rivian Automotive shares last traded at $14.36, with a volume of 14,186,201 shares traded.
Several other analysts have also weighed in on the stock. DA Davidson lifted their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, June 28th. Needham & Company LLC cut their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday. Wedbush reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a report on Wednesday. Canaccord Genuity Group boosted their price target on shares of Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, July 1st. Finally, The Goldman Sachs Group boosted their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a report on Monday, July 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.67.
Insiders Place Their Bets
In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,452,349.59. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $16,374,438. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $11.49, for a total transaction of $820,719.21. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,452,349.59. 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 corporate insiders.
Hedge Funds Weigh In On Rivian Automotive
Several large investors have recently modified their holdings of the stock. Bear Mountain Capital Inc. purchased a new position in Rivian Automotive in the 4th quarter worth about $26,000. Quent Capital LLC boosted its stake in Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 831 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 2,380 shares in the last quarter. Principal Securities Inc. purchased a new stake in Rivian Automotive during the 4th quarter valued at $33,000. Finally, Benjamin Edwards Inc. purchased a new stake in Rivian Automotive during the 1st quarter valued at $33,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.
Rivian Automotive Stock Down 6.9 %
The company has a fifty day moving average of $13.99 and a two-hundred day moving average of $12.53. The company has a market cap of $13.72 billion, a PE ratio of -2.49 and a beta of 2.09. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71.
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 for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. As a group, 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.