Rivian Automotive (NASDAQ:RIVN) Trading 2.7% Higher – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 2.7% on Tuesday . The company traded as high as $16.30 and last traded at $16.17. Approximately 16,830,750 shares changed hands during trading, a decline of 44% from the average daily volume of 29,971,332 shares. The stock had previously closed at $15.74.

Analyst Upgrades and Downgrades

RIVN has been the subject of several recent research reports. Wall Street Zen downgraded Rivian Automotive from a “hold” rating to a “sell” rating in a research note on Saturday, September 5th. Jefferies Financial Group increased their price objective on Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a research report on Tuesday, July 7th. BNP Paribas Exane lifted their target price on Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Morgan Stanley boosted their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “underweight” rating in a research report on Friday, July 31st. Finally, Wells Fargo & Company upped their price target on shares of Rivian Automotive from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Friday, July 31st. Twelve investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $19.05.

Rivian Automotive Stock Up 0.3%

The company has a market cap of $23.24 billion, a P/E ratio of -6.22 and a beta of 1.62. The stock has a 50-day moving average of $16.50 and a 200 day moving average of $15.89. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65.

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

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire McDonough sold 13,144 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total value of $190,588.00. Following the sale, the chief financial officer directly 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 transaction was disclosed in a filing with the SEC, which is available through this link. 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. Also, Director Karen Boone sold 20,000 shares of Rivian Automotive stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the transaction, the director owned 110,000 shares in the company, valued at approximately $2,200,000. This represents a 15.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 41,167 shares of company stock worth $718,956. Corporate insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds have recently made changes to their positions in RIVN. Parallel Advisors LLC grew its stake in shares of Rivian Automotive by 4.0% during the first quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock worth $242,000 after buying an additional 613 shares during the last quarter. Illinois Municipal Retirement Fund boosted its holdings in shares of Rivian Automotive by 1.6% during the 4th quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker’s stock valued at $853,000 after acquiring an additional 686 shares in the last quarter. Utah Retirement Systems grew its position in Rivian Automotive by 0.6% during the 4th quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker’s stock worth $2,533,000 after acquiring an additional 744 shares during the last quarter. Tradition Wealth Management LLC grew its position in Rivian Automotive by 5.7% during the 4th quarter. Tradition Wealth Management LLC now owns 14,056 shares of the electric vehicle automaker’s stock worth $277,000 after acquiring an additional 753 shares during the last quarter. Finally, Siemens Fonds Invest GmbH increased its holdings in Rivian Automotive by 7.7% in the 3rd quarter. Siemens Fonds Invest GmbH now owns 10,874 shares of the electric vehicle automaker’s stock worth $160,000 after purchasing an additional 780 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

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.