Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2.1%

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shot up 2.1% during mid-day trading on Monday . The stock traded as high as $14.72 and last traded at $14.26. 14,345,443 shares traded hands during trading, a decline of 66% from the average session volume of 41,799,688 shares. The stock had previously closed at $13.96.

Wall Street Analyst Weigh In

Several brokerages have commented on RIVN. Needham & Company LLC lowered their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Wednesday, August 7th. Royal Bank of Canada restated a "sector perform" rating and set a $15.00 price objective on shares of Rivian Automotive in a research report on Friday, August 16th. The Goldman Sachs Group raised their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a "neutral" rating in a research note on Monday, July 1st. Canaccord Genuity Group boosted their target price on Rivian Automotive from $20.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday, July 1st. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $19.00 price target on shares of Rivian Automotive in a research note on Monday, August 19th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Rivian Automotive has an average rating of "Hold" and an average target price of $18.14.

Rivian Automotive Price Performance

The stock has a market cap of $14.29 billion, a P/E ratio of -2.49 and a beta of 2.09. The business has a 50-day simple moving average of $14.64 and a 200 day simple moving average of $12.34. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts' consensus estimates of ($1.25) by ($0.14). The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. On average, analysts forecast that Rivian Automotive, Inc. will post -4.72 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $11.49, for a total transaction of $820,719.21. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,452,349.59. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,452,349.59. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 200,000 shares of the firm's stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the sale, the chief executive officer now directly owns 909,691 shares of the company's stock, valued at approximately $16,374,438. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 488,926 shares of company stock worth $7,552,869. Company insiders own 2.30% of the company's stock.

Institutional Trading of Rivian Automotive

Several hedge funds have recently modified their holdings of RIVN. Price T Rowe Associates Inc. MD increased its position in Rivian Automotive by 35.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker's stock valued at $2,277,304,000 after buying an additional 25,550,489 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Rivian Automotive by 1.8% during the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker's stock valued at $761,459,000 after acquiring an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. raised its position in shares of Rivian Automotive by 30.5% during the second quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker's stock worth $443,072,000 after purchasing an additional 7,714,788 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Rivian Automotive by 1,521.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker's stock worth $69,291,000 after purchasing an additional 5,937,605 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Rivian Automotive in the 4th quarter worth $129,427,000. Institutional investors own 66.25% of the company's stock.

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.