Rivian Automotive (NASDAQ:RIVN) Shares Gap Down to $17.50

Rivian Automotive, Inc. (NASDAQ:RIVN) gapped down before the market opened on Wednesday . The stock had previously closed at $17.50, but opened at $16.85. Rivian Automotive shares last traded at $16.58, with a volume of 4,410,290 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RIVN. JPMorgan Chase & Co. lifted their price objective on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a research report on Wednesday, June 26th. Morgan Stanley lifted their price target on Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. The Goldman Sachs Group upped their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Monday, July 1st. DA Davidson lifted their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, June 28th. Finally, Needham & Company LLC boosted their target price on Rivian Automotive from $13.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, June 28th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $19.79.

Rivian Automotive Stock Down 7.0 %

The stock has a 50-day moving average of $12.91 and a 200 day moving average of $12.68. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55. The company has a market cap of $16.19 billion, a P/E ratio of -2.84 and a beta of 2.08.

Rivian Automotive (NASDAQ:RIVN) last released 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). The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. Research analysts anticipate that Rivian Automotive, Inc. will post -4.67 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,234,023.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction that occurred 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 directly owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The disclosure for this sale can be found here. Insiders have sold 414,287 shares of company stock valued at $6,293,588 over the last three months. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RIVN. &PARTNERS bought a new stake in Rivian Automotive during the 2nd quarter worth $1,207,000. Sloy Dahl & Holst LLC grew its holdings in shares of Rivian Automotive by 15.0% during the second quarter. Sloy Dahl & Holst LLC now owns 58,818 shares of the electric vehicle automaker’s stock worth $789,000 after purchasing an additional 7,679 shares during the last quarter. Pallas Capital Advisors LLC bought a new stake in shares of Rivian Automotive during the second quarter worth about $170,000. First Horizon Advisors Inc. increased its stake in shares of Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after buying an additional 670 shares during the period. Finally, Continuum Advisory LLC raised its holdings in Rivian Automotive by 26.7% in the 2nd quarter. Continuum Advisory LLC now owns 6,444 shares of the electric vehicle automaker’s stock valued at $86,000 after buying an additional 1,359 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.