Rivian Automotive (NASDAQ:RIVN) Shares Up 2.4% - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price rose 2.4% on Friday . The stock traded as high as $10.34 and last traded at $10.34. Approximately 5,162,146 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 38,731,648 shares. The stock had previously closed at $10.10.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Wedbush reissued an "outperform" rating and set a $20.00 target price on shares of Rivian Automotive in a research note on Wednesday, August 7th. Truist Financial dropped their price objective on shares of Rivian Automotive from $16.00 to $12.00 and set a "hold" rating for the company in a research note on Wednesday, October 16th. The Goldman Sachs Group decreased their target price on shares of Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 8th. JPMorgan Chase & Co. cut their price objective on Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating on the stock in a report on Tuesday, October 22nd. Finally, Needham & Company LLC dropped their target price on Rivian Automotive from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $17.09.

Rivian Automotive Price Performance

The business's fifty day simple moving average is $11.83 and its 200 day simple moving average is $12.25. The firm has a market capitalization of $10.26 billion, a price-to-earnings ratio of -1.74 and a beta of 2.03. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts' consensus estimates of ($1.25) by ($0.14). The firm 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 -4.84 EPS for the current year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction 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 sale, the chief executive officer now owns 886,526 shares of the company's stock, valued at approximately $10,319,162.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the business's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 169,876 shares of company stock valued at $2,153,551 over the last ninety days. 2.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Vontobel Holding Ltd. grew its position in Rivian Automotive by 543.8% in the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker's stock worth $1,601,000 after purchasing an additional 120,544 shares in the last quarter. Renaissance Capital LLC increased its position in shares of Rivian Automotive by 20.0% during the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker's stock valued at $9,958,000 after acquiring an additional 148,197 shares during the last quarter. Private Advisory Group LLC bought a new stake in Rivian Automotive during the third quarter worth $2,109,000. Royal London Asset Management Ltd. lifted 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 acquiring an additional 49,216 shares during the period. Finally, Signaturefd LLC boosted its position in Rivian Automotive by 10.8% in the third quarter. Signaturefd LLC now owns 24,721 shares of the electric vehicle automaker's stock worth $277,000 after purchasing an additional 2,413 shares during the last quarter. 66.25% of the stock is 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.