Rivian Automotive (NASDAQ:RIVN) Trading 6.4% Higher – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were up 6.4% during trading on Wednesday . The company traded as high as $15.74 and last traded at $15.73. 23,441,825 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 30,778,635 shares. The stock had previously closed at $14.78.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Morgan Stanley raised their price objective on Rivian Automotive from $13.00 to $14.00 and gave the company an “underweight” rating in a research report on Friday, July 31st. Jefferies Financial Group boosted their target price on Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a report on Tuesday, July 7th. Piper Sandler upgraded Rivian Automotive from a “neutral” rating to an “overweight” rating and raised their price target for the company from $18.00 to $20.00 in a report on Monday, July 27th. DA Davidson lifted their price target on Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Finally, Benchmark reiterated a “buy” rating and issued a $25.00 price target on shares of Rivian Automotive in a research note on Friday, May 1st. Twelve equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $18.95.

Rivian Automotive Stock Performance

The company has a market capitalization of $22.77 billion, a PE ratio of -6.10 and a beta of 1.61. The business’s fifty day moving average is $16.45 and its two-hundred day moving average is $15.79. 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 earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.47) EPS for the quarter, beating the consensus estimate of ($0.66) by $0.19. The business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.52 billion. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The company’s revenue was up 27.2% compared to the same quarter last year. During the same period last year, the business posted ($0.97) EPS. Equities research analysts predict that Rivian Automotive, Inc. will post -2.98 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 34,818 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the sale, the chief executive officer owned 922,286 shares of the company’s stock, valued at $13,834,290. This trade represents a 3.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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 Rivian Automotive stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total transaction of $190,588.00. Following the completion of the sale, the chief financial officer owned 827,201 shares of the company’s stock, valued at $11,994,414.50. This 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 ninety days, insiders sold 75,985 shares of company stock worth $1,241,226. 1.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio purchased a new stake in Rivian Automotive during the 2nd quarter valued at $4,189,000. Ancora Advisors LLC bought a new position in Rivian Automotive in the second quarter valued at about $44,000. Capital Square LLC purchased a new position in Rivian Automotive in the second quarter worth about $176,000. Longitude Cayman Ltd. purchased a new position in Rivian Automotive in the second quarter worth about $607,000. Finally, Great Lakes Advisors LLC bought a new stake in shares of Rivian Automotive during the 2nd quarter valued at about $282,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.