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

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 1.8% during mid-day trading on Thursday . The company traded as high as $16.18 and last traded at $16.01. 17,284,149 shares were traded during trading, a decline of 44% from the average daily volume of 30,696,871 shares. The stock had previously closed at $15.73.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RIVN. Morgan Stanley increased their price objective on Rivian Automotive from $13.00 to $14.00 and gave the stock an “underweight” rating in a report on Friday, July 31st. Needham & Company LLC reiterated a “buy” rating on shares of Rivian Automotive in a report on Monday, August 10th. DA Davidson increased their price target on Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. 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 research note on Monday, July 27th. Finally, Royal Bank Of Canada raised their price target on Rivian Automotive from $14.00 to $16.00 and gave the company a “sector perform” rating in a research note on Friday, July 31st. Twelve investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.95.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.65 and a current ratio of 2.10. The stock’s fifty day moving average price is $16.47 and its 200-day moving average price is $15.80. The company has a market capitalization of $23.18 billion, a P/E ratio of -6.21 and a beta of 1.61.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.47) EPS for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.19. The business had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.Rivian Automotive’s quarterly revenue was up 27.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.97) earnings per share. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -2.98 EPS for the current fiscal year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the sale, the chief executive officer owned 922,286 shares in the company, valued at approximately $13,834,290. This represents a 3.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 13,144 shares of the firm’s stock in a transaction on Tuesday, August 18th. The shares were 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 represents a 1.56% decrease in their position. 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. Insiders sold a total of 75,985 shares of company stock valued at $1,241,226 over the last three months. Insiders own 1.48% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently modified their holdings of RIVN. Parallel Advisors LLC raised its holdings in Rivian Automotive by 4.0% in the 1st quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock valued at $242,000 after acquiring an additional 613 shares during the period. Illinois Municipal Retirement Fund grew its position in shares of Rivian Automotive by 1.6% in the fourth quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker’s stock valued at $853,000 after purchasing an additional 686 shares during the last quarter. Merit Financial Group LLC grew its position in shares of Rivian Automotive by 3.2% in the fourth quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock valued at $456,000 after purchasing an additional 718 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Rivian Automotive by 36.5% during the fourth quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock worth $54,000 after purchasing an additional 739 shares during the period. Finally, Utah Retirement Systems increased its stake in shares of Rivian Automotive by 0.6% during the fourth quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker’s stock worth $2,533,000 after purchasing an additional 744 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

About Rivian Automotive

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.