Rivian Automotive, Inc. registered a 2% decline in its stock price on Friday, with shares trading at a low of $16.46 and closing at $16.57. Trading volume also experienced a significant downturn, with only 8,012,626 shares being traded mid-day, marking an 82% decrease from the average daily volume of 44,287,137 shares.
Analyst Ratings Adjustments
Following the decline in stock price, several equities analysts released reports on RIVN shares. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $15.00 price objective on Rivian Automotive in a recent research note. Similarly, Barclays raised its price objective to $16.00 and gave the company an “equal weight” rating, while Royal Bank of Canada and The Goldman Sachs Group adjusted their target prices to $14.00 and issued “sector perform” and “neutral” ratings, respectively. Wedbush also upgraded its price target on Rivian Automotive from $15.00 to $20.00, granting the stock an “outperform” rating. Overall, the stock holds a consensus rating of “Moderate Buy” and a consensus price target of $19.79 according to MarketBeat.com.
Evaluation of Rivian Automotive’s Price Performance
In its most recent quarterly earnings report on May 7th, Rivian Automotive disclosed a net loss of ($1.41) per share, slightly missing the consensus estimate of ($1.38) by ($0.03). The company generated $1.20 billion in revenue for the quarter, surpassing the consensus estimate of $1.15 billion. Rivian Automotive’s negative net margin of 111.09% and negative return on equity of 53.55% have raised concerns among equities analysts, who now predict a further decrease in earnings per share for the current year.
Insider Activities at Rivian Automotive
CEO Robert J. Scaringe has made significant moves by selling off substantial amounts of stock. On July 12th, he sold 200,000 shares at an average price of $18.00, resulting in a total transaction of $3,600,000.00. As a result, the chief executive officer’s direct ownership of the company’s stock is now valued at $16,374,438. In the past 90 days, insiders have collectively sold 414,287 shares of company stock.
Institutional Trading of Rivian Automotive
Several institutional investors and hedge funds have made adjustments to their holdings of Rivian Automotive in recent months, reflecting a fluctuating interest in the company’s stock. Some notable adjustments include First Horizon Advisors Inc. increasing its stake by 30.7% in the second quarter and Western Wealth Management LLC growing its position by 52.1% during the same period. At present, 66.25% of the stock is owned by institutional investors and hedge funds.
Rivian Automotive Company Profile
Rivian Automotive, Inc. focuses on designing, developing, manufacturing, and selling electric vehicles and accessories. The company’s product line includes consumer vehicles such as the R1T, a two-row, five-passenger pickup truck, and the R1S, a three-row, seven-passenger sport utility vehicle.
Informative Resources
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Citation of Authoritative Sources
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