Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) dropped 1.1% during mid-day trading on Wednesday . The company traded as low as $15.93 and last traded at $16.00. 18,413,416 shares changed hands during trading, a decline of 38% from the average daily volume of 29,919,742 shares. The stock had previously closed at $16.17.
Wall Street Analyst Weigh In
A number of equities analysts have weighed in on the company. Needham & Company LLC reiterated a “buy” rating on shares of Rivian Automotive in a research note on Monday, August 10th. Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $18.00 to $20.00 in a report on Monday, July 27th. Weiss Ratings upgraded Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. BNP Paribas Exane boosted their price target on Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Finally, Royal Bank Of Canada upped their price objective on Rivian Automotive from $14.00 to $16.00 and gave the stock a “sector perform” rating in a research report on Friday, July 31st. Twelve research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have given a Sell rating to the stock. According to data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and a consensus target price of $19.05.
View Our Latest Stock Analysis on RIVN
Rivian Automotive Stock Performance
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.66) by $0.03. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.52 billion. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.Rivian Automotive’s revenue for the quarter was up 27.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.97) EPS. On average, research analysts expect that Rivian Automotive, Inc. will post -2.98 EPS for the current year.
Insider Buying and Selling
In other news, Director Karen Boone sold 20,000 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $20.00, for a total transaction of $400,000.00. Following the transaction, the director owned 110,000 shares in the company, valued at $2,200,000. This trade represents a 15.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 8,023 shares of Rivian Automotive stock in a transaction on Thursday, August 20th. 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 819,178 shares in the company, valued at $13,106,848. This represents a 0.97% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 41,167 shares of company stock valued at $718,956 over the last 90 days. Company insiders own 1.48% of the company’s stock.
Hedge Funds Weigh In On Rivian Automotive
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. raised its position in shares of Rivian Automotive by 113.6% during 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 during the last quarter. Core Wealth Advisors LLC acquired a new stake in Rivian Automotive in the 4th quarter worth about $27,000. MCF Advisors LLC increased its stake in Rivian Automotive by 3,500.0% during the 2nd quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock worth $31,000 after buying an additional 1,750 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Rivian Automotive during the third quarter valued at approximately $31,000. Finally, Zions Bancorporation National Association UT acquired a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $33,000. 66.25% of the stock is owned by hedge funds and other institutional investors.
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.
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