Rivian Automotive (NASDAQ:RIVN) Trading 1.1% Higher

Rivian Automotive, Inc. (NASDAQ:RIVN) shares shot up 1.1% on Tuesday . The company traded as high as $13.48 and last traded at $13.22. 6,410,315 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 40,687,645 shares. The stock had previously closed at $13.08.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RIVN. Guggenheim assumed coverage on Rivian Automotive in a report on Tuesday, June 25th. They set a “buy” rating and a $18.00 price objective for the company. Mizuho increased their price objective on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. DA Davidson upped their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Friday, June 28th. Needham & Company LLC cut their price objective 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. Finally, Canaccord Genuity Group boosted their price target on Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, July 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and an average target price of $18.09.

Rivian Automotive Trading Up 0.7 %

The stock has a market cap of $13.28 billion, a price-to-earnings ratio of -2.29 and a beta of 2.07. The business’s fifty day simple moving average is $14.94 and its 200 day simple moving average is $12.21. 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) last posted 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 business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. On average, research analysts predict that Rivian Automotive, Inc. will post -4.82 EPS for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $13,618,074.27. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $16,374,438. The disclosure for this sale can be found here. Insiders have sold a total of 417,497 shares of company stock valued at $6,732,150 in the last quarter. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD increased its stake in shares of Rivian Automotive by 35.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after purchasing an additional 25,550,489 shares during the last quarter. Vanguard Group Inc. raised its holdings in 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 valued at $761,459,000 after buying an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. increased its holdings in shares of Rivian Automotive by 30.5% during the 2nd quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock valued at $443,072,000 after acquiring an additional 7,714,788 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Rivian Automotive by 1,521.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after acquiring an additional 5,937,605 shares in the last quarter. Finally, Norges Bank bought a new stake in Rivian Automotive during the fourth quarter worth approximately $129,427,000. Hedge funds and other institutional investors 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.