Rivian Automotive (NASDAQ:RIVN) Stock Price Down 4.1%

Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 4.1% on Tuesday . The company traded as low as $22.72 and last traded at $22.73. Approximately 4,057,600 shares changed hands during trading, a decline of 89% from the average daily volume of 35,787,785 shares. The stock had previously closed at $23.71.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of recent research reports. DA Davidson boosted their price objective on Rivian Automotive from $18.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, August 10th. Wells Fargo & Company boosted their price objective on Rivian Automotive from $14.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 9th. Canaccord Genuity Group upped their price target on Rivian Automotive from $40.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Wedbush upped their price target on Rivian Automotive from $25.00 to $30.00 in a research note on Friday, July 7th. Finally, Cantor Fitzgerald lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and upped their price target for the company from $27.00 to $29.00 in a research note on Tuesday, August 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $28.95.

Rivian Automotive Trading Down 4.3 %

The company has a 50-day moving average price of $23.63 and a 200-day moving average price of $17.75. The firm has a market capitalization of $21.50 billion, a price-to-earnings ratio of -3.39 and a beta of 2.13. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.71 and a current ratio of 5.66.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 8th. The electric vehicle automaker reported ($1.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.34. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Rivian Automotive had a negative return on equity of 38.91% and a negative net margin of 200.97%. The business’s revenue was up 208.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.89) EPS. As a group, research analysts forecast that Rivian Automotive, Inc. will post -5.89 EPS for the current fiscal year.

Institutional Trading of Rivian Automotive

Hedge funds have recently added to or reduced their stakes in the stock. Commerce Bank acquired a new stake in Rivian Automotive during the 1st quarter worth approximately $160,000. SouthState Corp purchased a new position in shares of Rivian Automotive during the 4th quarter worth approximately $37,000. Vanguard Personalized Indexing Management LLC raised its stake in shares of Rivian Automotive by 26.6% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 44,943 shares of the electric vehicle automaker’s stock worth $828,000 after buying an additional 9,439 shares in the last quarter. Oak Thistle LLC purchased a new position in shares of Rivian Automotive during the 1st quarter worth approximately $182,000. Finally, AMF Tjanstepension AB purchased a new position in shares of Rivian Automotive during the 1st quarter worth approximately $1,495,000. 62.79% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles. It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc The company sells its products directly to customers in the consumer and commercial markets.