Rivian Automotive (NASDAQ:RIVN) Shares Up 0.6% - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) rose 0.6% during trading on Wednesday . The stock traded as high as $10.28 and last traded at $10.21. 5,884,638 shares traded hands during trading, a decline of 85% from the average session volume of 39,627,988 shares. The stock had previously closed at $10.15.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RIVN shares. Barclays cut their price target on Rivian Automotive from $16.00 to $13.00 and set an "equal weight" rating on the stock in a report on Tuesday. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $14.00 target price on shares of Rivian Automotive in a research note on Tuesday, September 10th. Wells Fargo & Company decreased their price target on shares of Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating for the company in a research note on Tuesday. Mizuho increased their price objective on shares of Rivian Automotive from $11.00 to $15.00 and gave the stock a "neutral" rating in a research report on Friday, July 12th. Finally, The Goldman Sachs Group decreased their target price on Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating for the company in a research report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $17.18.

Rivian Automotive Stock Performance

The company's 50 day simple moving average is $12.60 and its 200 day simple moving average is $12.27. The stock has a market cap of $10.19 billion, a PE ratio of -1.77 and a beta of 2.03. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results 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). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The business had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.17 billion. Analysts expect that Rivian Automotive, Inc. will post -4.88 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares of the company's stock, valued at approximately $10,319,162.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now directly owns 392,662 shares of the company's stock, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 241,305 shares of company stock worth $3,369,273 in the last ninety days. Company insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. increased its stake in shares of Rivian Automotive by 1.7% in the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker's stock worth $492,000 after purchasing an additional 604 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker's stock valued at $38,000 after acquiring an additional 670 shares during the period. GAMMA Investing LLC lifted its position in shares of Rivian Automotive by 28.0% during the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker's stock worth $47,000 after acquiring an additional 760 shares in the last quarter. Certuity LLC boosted its holdings in shares of Rivian Automotive by 8.1% in the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker's stock worth $145,000 after acquiring an additional 815 shares during the period. Finally, Sanders Morris Harris LLC grew its position in shares of Rivian Automotive by 8.9% in the second quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker's stock valued at $136,000 after purchasing an additional 823 shares in the last quarter. 66.25% of the stock is currently 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.