Rivian Automotive (NASDAQ:RIVN) Trading Up 1.2% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) was up 1.2% during mid-day trading on Tuesday . The company traded as high as $10.15 and last traded at $10.15. Approximately 4,101,639 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 39,248,047 shares. The stock had previously closed at $10.03.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on RIVN shares. Wolfe Research began coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $14.00 target price on shares of Rivian Automotive in a report on Tuesday, September 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $15.00 price objective on shares of Rivian Automotive in a research report on Friday, August 16th. Wedbush reiterated an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research note on Wednesday, August 7th. Finally, Barclays reduced their price target on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average target price of $17.09.

Rivian Automotive Stock Down 3.1 %

The stock’s fifty day simple moving average is $12.17 and its 200-day simple moving average is $12.25. The stock has a market capitalization of $10.11 billion, a PE ratio of -1.76 and a beta of 2.03. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. As a group, sell-side analysts forecast that Rivian Automotive, Inc. will post -4.88 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 169,876 shares of company stock valued at $2,153,551. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Global Assets Advisory LLC purchased a new stake in shares of Rivian Automotive in the first quarter worth $574,000. Vicus Capital raised its stake in shares of Rivian Automotive by 11.6% during the first quarter. Vicus Capital now owns 13,633 shares of the electric vehicle automaker’s stock worth $149,000 after acquiring an additional 1,422 shares in the last quarter. SteelPeak Wealth LLC bought a new stake in shares of Rivian Automotive in the 1st quarter worth approximately $265,000. Albion Financial Group UT boosted its stake in shares of Rivian Automotive by 346.4% in the 1st quarter. Albion Financial Group UT now owns 104,181 shares of the electric vehicle automaker’s stock valued at $1,141,000 after purchasing an additional 80,841 shares in the last quarter. Finally, Norden Group LLC bought a new position in shares of Rivian Automotive during the 1st quarter valued at $132,000. Institutional investors own 66.25% of the company’s stock.

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.