Rivian Automotive (NASDAQ:RIVN) Trading Up 3.6% - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was up 3.6% on Thursday . The stock traded as high as $10.08 and last traded at $10.06. Approximately 16,232,562 shares were traded during trading, a decline of 58% from the average daily volume of 38,658,770 shares. The stock had previously closed at $9.71.

Analyst Upgrades and Downgrades

RIVN has been the subject of a number of analyst reports. Canaccord Genuity Group reduced their price target on Rivian Automotive from $30.00 to $28.00 and set a "buy" rating for the company in a research report on Monday, October 7th. Barclays reduced their target price on shares of Rivian Automotive from $16.00 to $13.00 and set an "equal weight" rating for the company in a report on Tuesday, October 15th. Needham & Company LLC lowered their price target on shares of Rivian Automotive from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Wednesday, August 7th. Mizuho reduced their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a "neutral" rating for the company in a research note on Monday. Finally, Royal Bank of Canada restated a "sector perform" rating and set a $15.00 target price on shares of Rivian Automotive in a research note on Friday, August 16th. One research 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's stock. Based on data from MarketBeat.com, Rivian Automotive currently has an average rating of "Hold" and an average price target of $16.95.

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 has a market capitalization of $10.13 billion, a PE ratio of -1.69 and a beta of 2.04. The firm's 50 day simple moving average is $11.51 and its 200 day simple moving average is $12.32.

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 the consensus estimate 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 firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -4.84 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 stock in a transaction that occurred 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 sale, the chief executive officer now directly 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive 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 sale, 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 through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the company's stock in a transaction dated 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 owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 169,876 shares of company stock worth $2,153,551 over the last 90 days. Company insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RIVN. Quent Capital LLC increased its stake in shares of Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker's stock valued at $26,000 after buying an additional 831 shares during the period. EverSource Wealth Advisors LLC increased its position in Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker's stock valued at $29,000 after purchasing an additional 2,380 shares during the period. GHP Investment Advisors Inc. raised its holdings in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock valued at $29,000 after purchasing an additional 1,002 shares in the last quarter. American Capital Advisory LLC lifted its position in shares of Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker's stock worth $33,000 after purchasing an additional 2,111 shares during the period. Finally, International Assets Investment Management LLC bought a new position in shares of Rivian Automotive during the second quarter valued at approximately $37,000. 66.25% of the stock is currently owned by hedge funds and other 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.

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