Rivian Automotive (NASDAQ:RIVN) Shares Up 3.7%

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) rose 3.7% during mid-day trading on Wednesday . The company traded as high as $13.80 and last traded at $13.64. Approximately 7,388,828 shares traded hands during trading, a decline of 82% from the average daily volume of 41,143,539 shares. The stock had previously closed at $13.15.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RIVN. DA Davidson lifted their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a "neutral" rating in a report on Friday, June 28th. Mizuho upped their price target on Rivian Automotive from $11.00 to $15.00 and gave the stock a "neutral" rating in a report on Friday, July 12th. Wedbush reissued an "outperform" rating and issued a $20.00 price objective on shares of Rivian Automotive in a report on Wednesday, August 7th. The Goldman Sachs Group upped their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock a "neutral" rating in a research note on Monday, July 1st. Finally, Truist Financial upped their price objective on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a "hold" rating in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $18.14.

Rivian Automotive Price Performance

The stock has a 50 day moving average price of $14.98 and a two-hundred day moving average price of $12.25. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The firm has a market capitalization of $13.39 billion, a price-to-earnings ratio of -2.30 and a beta of 2.07.

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

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive 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 completion of the sale, the chief executive officer now directly owns 909,691 shares of the company's stock, valued at approximately $10,452,349.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. The disclosure for this sale can be found here. Insiders sold a total of 488,926 shares of company stock worth $7,552,869 over the last 90 days. Corporate insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. boosted its holdings in shares of Rivian Automotive by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker's stock valued at $492,000 after buying an additional 604 shares in the last quarter. First Horizon Advisors Inc. increased its position in shares of Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker's stock worth $38,000 after purchasing an additional 670 shares in the last quarter. Laidlaw Wealth Management LLC lifted its holdings in shares of Rivian Automotive by 7.5% in the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker's stock valued at $241,000 after purchasing an additional 718 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Rivian Automotive by 28.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker's stock valued at $47,000 after purchasing an additional 760 shares during the period. Finally, Quadrant Capital Group LLC grew its stake in Rivian Automotive by 18.3% during the 4th quarter. Quadrant Capital Group LLC now owns 5,191 shares of the electric vehicle automaker's stock worth $122,000 after buying an additional 802 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

About Rivian Automotive

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.