Rivian Automotive (NASDAQ:RIVN) Trading 1.1% Higher

Rivian Automotive, Inc. (NASDAQ:RIVN) shares shot up 1.1% during trading on Tuesday . The company traded as high as $13.48 and last traded at $13.22. 6,410,315 shares changed hands during trading, a decline of 84% from the average session volume of 40,687,645 shares. The stock had previously closed at $13.08.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. 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. Morgan Stanley boosted their price objective on shares of Rivian Automotive from $13.00 to $17.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. The Goldman Sachs Group lifted their target price on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Monday, July 1st. UBS Group cut their price target on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $19.00 price target on shares of Rivian Automotive in a report on Monday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $18.09.

Rivian Automotive Stock Up 5.3 %

The business’s 50-day moving average is $14.91 and its two-hundred day moving average is $12.23. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. On average, research analysts anticipate that Rivian Automotive, Inc. will post -4.82 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In related news, 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 transaction of $43,559.70. Following the transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated 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 transaction, the chief financial officer now owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $13,618,074.27. The disclosure for this sale can be found here. Insiders have sold a total of 417,497 shares of company stock worth $6,732,150 in the last 90 days. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC bought a new position in shares of Rivian Automotive during the second quarter worth approximately $550,000. Cetera Investment Advisers increased its stake in Rivian Automotive by 9.5% during the 2nd quarter. Cetera Investment Advisers now owns 210,381 shares of the electric vehicle automaker’s stock worth $2,823,000 after acquiring an additional 18,243 shares during the period. B. Riley Wealth Advisors Inc. increased its stake in Rivian Automotive by 149.5% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 52,117 shares of the electric vehicle automaker’s stock worth $699,000 after acquiring an additional 31,232 shares during the period. Regal Investment Advisors LLC raised its holdings in Rivian Automotive by 7.0% in the 2nd quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock valued at $262,000 after acquiring an additional 1,281 shares in the last quarter. Finally, Quarry LP bought a new stake in shares of Rivian Automotive during the 2nd quarter valued at $105,000. 66.25% of the stock is owned by institutional investors.

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.