Rivian Automotive (NASDAQ:RIVN) Shares Up 1.8% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded up 1.8% during mid-day trading on Thursday. The stock traded as high as $15.58 and last traded at $15.29. Approximately 26,728,553 shares changed hands during mid-day trading, a decline of 9% from the average session volume of 29,506,123 shares. The stock had previously closed at $15.02.

Analysts Set New Price Targets

Several brokerages have recently commented on RIVN. Morgan Stanley lifted their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an “underweight” rating in a research report on Friday, July 31st. BNP Paribas Exane increased their price objective on shares of Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. TD Cowen boosted their price objective on Rivian Automotive from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Wall Street Zen raised Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, September 19th. Finally, Needham & Company LLC reissued a “buy” rating on shares of Rivian Automotive in a report on Monday, August 10th. Twelve equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and seven have issued a Sell rating to the company’s stock. According to MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average price target of $19.00.

Rivian Automotive Stock Up 1.8%

The company has a market cap of $22.14 billion, a price-to-earnings ratio of -5.93 and a beta of 1.62. The stock has a 50-day simple moving average of $16.02 and a 200-day simple moving average of $15.91. The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.03. The business had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The company’s revenue was up 27.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.97) earnings per share. As a group, analysts predict that Rivian Automotive, Inc. will post -2.98 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, insider Michael John Callahan sold 15,000 shares of the business’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $16.29, for a total transaction of $244,350.00. Following the sale, the insider directly owned 1,016,776 shares in the company, valued at approximately $16,563,281.04. The trade was a 1.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 13,144 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $14.50, for a total transaction of $190,588.00. Following the completion of the transaction, the chief financial officer owned 827,201 shares of the company’s stock, valued at $11,994,414.50. This trade represents a 1.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 56,167 shares of company stock valued at $963,306. Company insiders own 1.48% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. QRG Capital Management Inc. boosted its stake in shares of Rivian Automotive by 7.5% during the 2nd quarter. QRG Capital Management Inc. now owns 36,564 shares of the electric vehicle automaker’s stock worth $634,000 after acquiring an additional 2,546 shares in the last quarter. Andra AP fonden purchased a new stake in shares of Rivian Automotive during the second quarter valued at $6,923,000. Reynders McVeigh Capital Management LLC lifted its holdings in shares of Rivian Automotive by 6.8% during the second quarter. Reynders McVeigh Capital Management LLC now owns 15,767 shares of the electric vehicle automaker’s stock valued at $274,000 after purchasing an additional 1,000 shares during the last quarter. Tidal Investments LLC boosted its position in shares of Rivian Automotive by 2.3% in the 2nd quarter. Tidal Investments LLC now owns 292,956 shares of the electric vehicle automaker’s stock valued at $5,083,000 after purchasing an additional 6,566 shares during the period. Finally, MCF Advisors LLC boosted its position in shares of Rivian Automotive by 3,500.0% in the 2nd quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock valued at $31,000 after purchasing an additional 1,750 shares during the period. 66.25% of the stock is currently owned by institutional investors.

About Rivian Automotive

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.

Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.