Rivian Automotive (NASDAQ:RIVN) Trading 2% Higher

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price shot up 2% on Thursday . The company traded as high as $13.36 and last traded at $13.16. 7,438,039 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 40,008,410 shares. The stock had previously closed at $12.90.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Needham & Company LLC dropped their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Wolfe Research began coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They issued a “peer perform” rating for the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Friday, August 16th. Mizuho upped their price objective on Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a report on Friday, July 12th. Finally, Morgan Stanley increased their price target on shares of Rivian Automotive from $13.00 to $17.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $18.09.

Rivian Automotive Stock Down 11.0 %

The firm has a 50 day simple moving average of $14.48 and a two-hundred day simple moving average of $12.33. The stock has a market capitalization of $11.66 billion, a P/E ratio of -2.03 and a beta of 2.06. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. On average, equities research analysts expect that Rivian Automotive, Inc. will post -4.92 earnings per share for the current year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,234,023.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 500,830 shares of company stock worth $7,872,145. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC acquired a new stake in shares of Rivian Automotive in the 2nd quarter valued at about $550,000. Cetera Investment Advisers boosted its position in Rivian Automotive by 9.5% in the second quarter. Cetera Investment Advisers now owns 210,381 shares of the electric vehicle automaker’s stock worth $2,823,000 after purchasing an additional 18,243 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its stake in Rivian Automotive by 149.5% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 52,117 shares of the electric vehicle automaker’s stock valued at $699,000 after purchasing an additional 31,232 shares during the period. Regal Investment Advisors LLC increased its position in shares of Rivian Automotive by 7.0% during the 2nd quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock valued at $262,000 after purchasing an additional 1,281 shares during the last quarter. Finally, Quarry LP bought a new stake in shares of Rivian Automotive during the 2nd quarter worth $105,000. 66.25% of the stock is owned by institutional investors.

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.