Rivian Automotive (NASDAQ:RIVN) Shares Up 1.5%

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares shot up 1.5% during trading on Thursday . The company traded as high as $13.67 and last traded at $13.48. 4,114,349 shares changed hands during trading, a decline of 90% from the average session volume of 40,993,992 shares. The stock had previously closed at $13.28.

Analysts Set New Price Targets

A number of brokerages have recently commented on RIVN. Needham & Company LLC lowered their price target on Rivian Automotive from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Wednesday, August 7th. The Goldman Sachs Group raised their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a "neutral" rating in a report on Monday, July 1st. Mizuho raised their price target on Rivian Automotive from $11.00 to $15.00 and gave the company a "neutral" rating in a report on Friday, July 12th. UBS Group lowered their price target on Rivian Automotive from $17.00 to $16.00 and set a "neutral" rating on the stock in a report on Wednesday, August 7th. Finally, Wedbush reissued an "outperform" rating and set a $20.00 price target on shares of Rivian Automotive in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $18.14.

Rivian Automotive Trading Up 3.5 %

The company has a fifty day simple moving average of $14.96 and a 200-day simple moving average of $12.26. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The stock has a market cap of $13.85 billion, a price-to-earnings ratio of -2.38 and a beta of 2.07.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The company had revenue of $1.16 billion for 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, research analysts forecast that Rivian Automotive, Inc. will post -4.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the transaction, the chief executive officer now owns 909,691 shares of the company's stock, valued at approximately $16,374,438. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the transaction, the chief executive officer now owns 909,691 shares of the company's stock, valued at approximately $16,374,438. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The disclosure for this sale can be found here. Insiders have sold a total of 488,926 shares of company stock valued at $7,552,869 in the last 90 days. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in the company. Sanctuary Advisors LLC bought a new stake in shares of Rivian Automotive in the 2nd quarter valued at approximately $550,000. Cetera Investment Advisers grew its stake in shares of Rivian Automotive by 9.5% in the 2nd quarter. Cetera Investment Advisers now owns 210,381 shares of the electric vehicle automaker's stock valued at $2,823,000 after buying an additional 18,243 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its stake in shares of 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 buying an additional 31,232 shares in the last quarter. Regal Investment Advisors LLC grew its stake in shares of Rivian Automotive by 7.0% in the 2nd quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker's stock valued at $262,000 after buying an additional 1,281 shares in the last quarter. Finally, Quarry LP bought a new stake in shares of Rivian Automotive in the 2nd quarter valued at approximately $105,000. Institutional investors own 66.25% of the company's stock.

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.