Rivian Automotive (NASDAQ:RIVN) Trading 4% Higher – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 4% during trading on Wednesday . The company traded as high as $16.48 and last traded at $16.18. 35,359,229 shares traded hands during trading, a decline of 8% from the average session volume of 38,414,340 shares. The stock had previously closed at $15.56.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on RIVN. Stifel Nicolaus raised their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. JPMorgan Chase & Co. lifted their price objective on Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Monday, October 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a research note on Wednesday, October 8th. UBS Group lifted their price target on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, October 6th. Finally, The Goldman Sachs Group cut their price objective on shares of Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, November 5th. Six investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $14.34.

Rivian Automotive Trading Up 4.0%

The firm’s 50 day simple moving average is $14.33 and its 200-day simple moving average is $13.90. 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 company has a market capitalization of $19.84 billion, a PE ratio of -5.20 and a beta of 1.81.

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

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 52,350 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total transaction of $869,010.00. Following the sale, the chief executive officer owned 1,246,405 shares in the company, valued at $20,690,323. This trade represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 87,250 shares of company stock valued at $1,357,610 over the last three months. 2.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Rivian Automotive by 3.3% during the third quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock valued at $1,198,967,000 after acquiring an additional 2,597,310 shares in the last quarter. Capital International Investors lifted its stake in shares of Rivian Automotive by 13.4% in the third quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker’s stock worth $269,395,000 after acquiring an additional 2,161,394 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Rivian Automotive by 4.9% in the second quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock valued at $200,200,000 after purchasing an additional 689,045 shares during the last quarter. Soma Equity Partners LP boosted its holdings in Rivian Automotive by 9.9% in the third quarter. Soma Equity Partners LP now owns 9,204,745 shares of the electric vehicle automaker’s stock valued at $135,126,000 after purchasing an additional 829,782 shares during the last quarter. Finally, Northern Trust Corp grew its stake in Rivian Automotive by 11.2% during the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock valued at $100,195,000 after purchasing an additional 809,064 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.