Rivian Automotive (NASDAQ:RIVN) Shares Up 7.7% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 7.7% during trading on Monday . The company traded as high as $16.75 and last traded at $16.41. Approximately 103,853,705 shares traded hands during trading, an increase of 177% from the average daily volume of 37,552,918 shares. The stock had previously closed at $15.23.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on RIVN. Wall Street Zen raised Rivian Automotive from a “sell” rating to a “hold” rating in a research note on Saturday. Wedbush lowered their target price on Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday, August 6th. Mizuho reiterated an “underperform” rating and set a $10.00 price target (down from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th. JPMorgan Chase & Co. raised their price objective on shares of Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Monday, October 20th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $21.00 price objective on shares of Rivian Automotive in a report on Friday, October 3rd. Five investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and six have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $13.75.

Rivian Automotive Stock Performance

The stock has a 50-day moving average price of $13.90 and a 200 day moving average price of $13.70. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $19.91 billion, a price-to-earnings ratio of -5.28 and a beta of 1.82.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.02. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the previous year, the firm earned ($1.08) earnings per share. The firm’s quarterly revenue was up 78.3% on a year-over-year basis. On average, analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total transaction of $244,300.00. Following the completion of the transaction, the chief executive officer owned 1,316,205 shares in the company, valued at approximately $18,426,870. The trade was a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the transaction, the chief financial officer directly owned 789,445 shares in the company, valued at $9,694,384.60. This trade represents a 0.91% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 42,147 shares of company stock valued at $577,593. Corporate insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in RIVN. Larson Financial Group LLC lifted its stake in Rivian Automotive by 7.4% during the first quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker’s stock worth $131,000 after purchasing an additional 722 shares during the last quarter. Brown Advisory Inc. lifted its position in shares of Rivian Automotive by 2.4% during the 1st quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker’s stock worth $405,000 after buying an additional 772 shares during the last quarter. Prospera Financial Services Inc boosted its holdings in shares of Rivian Automotive by 5.2% in the 3rd quarter. Prospera Financial Services Inc now owns 15,803 shares of the electric vehicle automaker’s stock valued at $232,000 after buying an additional 775 shares in the last quarter. First National Trust Co boosted its holdings in shares of Rivian Automotive by 5.3% in the 1st quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker’s stock valued at $199,000 after buying an additional 800 shares in the last quarter. Finally, TD Asset Management Inc grew its position in shares of Rivian Automotive by 1.2% in the 2nd quarter. TD Asset Management Inc now owns 75,841 shares of the electric vehicle automaker’s stock valued at $1,042,000 after buying an additional 870 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.