Rivian Automotive (NASDAQ:RIVN) Trading Up 0.5% - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price was up 0.5% on Wednesday . The stock traded as high as $10.58 and last traded at $10.52. Approximately 4,923,540 shares changed hands during trading, a decline of 87% from the average daily volume of 38,882,043 shares. The stock had previously closed at $10.47.

Analysts Set New Price Targets

RIVN has been the subject of several recent analyst reports. Wells Fargo & Company dropped their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating for the company in a report on Tuesday, October 15th. Barclays dropped their price target on Rivian Automotive from $16.00 to $13.00 and set an "equal weight" rating for the company in a report on Tuesday, October 15th. Wolfe Research assumed coverage on Rivian Automotive in a research note on Thursday, September 5th. They issued a "peer perform" rating on the stock. Wedbush restated an "outperform" rating and issued a $20.00 target price on shares of Rivian Automotive in a research note on Wednesday, August 7th. Finally, Morgan Stanley downgraded shares of Rivian Automotive from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. One equities 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $17.09.

Rivian Automotive Price Performance

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 firm has a market cap of $10.41 billion, a price-to-earnings ratio of -1.77 and a beta of 2.03. The company has a 50 day moving average of $11.94 and a 200 day moving average of $12.28.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. Equities research analysts predict that Rivian Automotive, Inc. will post -4.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 83,333 shares of the business's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $12,127,675.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their ownership of the stock. The sale 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 Rivian Automotive stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 169,876 shares of company stock worth $2,153,551. Corporate insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of the stock. Assenagon Asset Management S.A. increased its position 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 during the period. First Horizon Advisors Inc. boosted its position 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 worth $38,000 after buying an additional 670 shares during the period. GAMMA Investing LLC increased its position in 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 acquiring an additional 760 shares during the period. Certuity LLC increased its holdings in Rivian Automotive by 8.1% in the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker's stock valued at $145,000 after purchasing an additional 815 shares during the period. Finally, Sanders Morris Harris LLC lifted its holdings in Rivian Automotive by 8.9% during the 2nd quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker's stock worth $136,000 after buying an additional 823 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.

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