Rivian Automotive (NASDAQ:RIVN) Trading Up 0.4% - Here's Why

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) rose 0.4% on Tuesday . The company traded as high as $10.35 and last traded at $10.33. Approximately 4,306,445 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 38,554,840 shares. The stock had previously closed at $10.29.

Analyst Ratings Changes

RIVN has been the topic of several research reports. Mizuho dropped their price target on Rivian Automotive from $15.00 to $12.00 and set a "neutral" rating on the stock in a research report on Monday. Wolfe Research assumed coverage on Rivian Automotive in a research note on Thursday, September 5th. They set a "peer perform" rating for the company. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $14.00 price objective on shares of Rivian Automotive in a research report on Tuesday, September 10th. UBS Group decreased their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a "neutral" rating for the company in a report on Wednesday, August 7th. Finally, Canaccord Genuity Group reduced their target price on Rivian Automotive from $30.00 to $28.00 and set a "buy" rating for the company in a report on Monday, October 7th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $16.95.

Rivian Automotive Trading Up 2.9 %

The company's fifty day moving average is $11.59 and its two-hundred day moving average is $12.34. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The company has a market cap of $10.68 billion, a price-to-earnings ratio of -1.78 and a beta of 2.04.

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

Insider Activity

In other news, CEO Robert J. Scaringe sold 83,333 shares of the 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 transaction, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction on Monday, September 23rd. The stock was 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 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 this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the firm's stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares of the company's stock, valued at $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 169,876 shares of company stock worth $2,153,551 in the last quarter. Corporate insiders own 2.51% of the company's stock.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Baillie Gifford & Co. boosted its stake in shares of Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker's stock valued at $565,012,000 after buying an additional 17,341,786 shares during the period. Renaissance Technologies LLC increased its position in shares of Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker's stock worth $72,877,000 after purchasing an additional 3,285,867 shares in the last quarter. Spirepoint Private Client LLC acquired a new stake in shares of Rivian Automotive during the first quarter worth about $15,635,000. AQR Capital Management LLC grew its holdings in shares of 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 buying an additional 1,257,106 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Rivian Automotive by 1.8% during the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker's stock worth $761,459,000 after buying an additional 1,226,357 shares during the last quarter. 66.25% of the stock is 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.