Rivian Automotive (NASDAQ:RIVN) Shares Up 1.2% - What's Next?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price was up 1.2% during mid-day trading on Tuesday . The company traded as high as $10.15 and last traded at $10.15. Approximately 4,101,639 shares changed hands during trading, a decline of 90% from the average daily volume of 39,248,047 shares. The stock had previously closed at $10.03.

Analysts Set New Price Targets

RIVN has been the topic of a number of research analyst reports. Piper Sandler restated an "overweight" rating and set a $21.00 price target on shares of Rivian Automotive in a research report on Wednesday, June 26th. 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. Wolfe Research assumed coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They issued a "peer perform" rating for the company. Canaccord Genuity Group decreased their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a "buy" rating on the stock in a research note on Monday, October 7th. Finally, Wells Fargo & Company reduced their price objective on Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating on the stock in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $17.09.

Rivian Automotive Price Performance

The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The company's fifty day moving average price is $12.29 and its two-hundred day moving average price is $12.26. The company has a market cap of $10.58 billion, a price-to-earnings ratio of -1.73 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results 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 firm 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 forecast that Rivian Automotive, Inc. will post -4.88 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction that occurred on 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 directly owns 886,526 shares of the company's stock, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of 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 represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm's 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 completion of the transaction, the chief executive officer now owns 886,526 shares of the company's stock, valued at approximately $10,319,162.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 169,876 shares of company stock worth $2,153,551. Corporate insiders own 2.51% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in the stock. Vontobel Holding Ltd. raised its position in Rivian Automotive by 543.8% during the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker's stock worth $1,601,000 after acquiring an additional 120,544 shares in the last quarter. Renaissance Capital LLC raised its holdings in shares of Rivian Automotive by 20.0% in the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker's stock valued at $9,958,000 after purchasing an additional 148,197 shares during the period. Private Advisory Group LLC acquired a new stake in Rivian Automotive in the 3rd quarter valued at about $2,109,000. Royal London Asset Management Ltd. grew its holdings in Rivian Automotive by 19.6% during the second quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker's stock worth $4,027,000 after purchasing an additional 49,216 shares during the period. Finally, AQR Capital Management LLC grew its holdings in Rivian Automotive by 102.8% during the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker's stock worth $33,276,000 after purchasing an additional 1,257,106 shares during the period. Institutional investors and hedge funds 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.