Rivian Automotive (NASDAQ:RIVN) Trading 2.6% Higher – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 2.6% on Wednesday . The company traded as high as $20.58 and last traded at $20.0450. 42,007,725 shares were traded during trading, an increase of 12% from the average session volume of 37,568,934 shares. The stock had previously closed at $19.53.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several recent research reports. Mizuho reiterated an “underperform” rating and set a $10.00 price target (down from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. Stifel Nicolaus lifted their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “buy” rating in a report on Monday, November 17th. DA Davidson increased their price target on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Tuesday, November 11th. Baird R W upgraded shares of Rivian Automotive from a “hold” rating to a “strong-buy” rating in a research report on Thursday, December 18th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $12.00 price objective on shares of Rivian Automotive in a research report on Monday, December 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, thirteen have issued a Hold rating and six have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $15.73.

Rivian Automotive Trading Up 2.6%

The company’s fifty day simple moving average is $17.32 and its 200-day simple moving average is $14.78. The firm has a market capitalization of $24.57 billion, a PE ratio of -6.45 and a beta of 1.77. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) EPS for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.06. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the previous year, the company earned ($1.08) earnings per share. The company’s quarterly revenue was up 78.3% on a year-over-year basis. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Peter Krawiec sold 3,655 shares of Rivian Automotive stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $19.45, for a total value of $71,089.75. Following the sale, the director directly owned 29,122 shares of the company’s stock, valued at $566,422.90. The trade was a 11.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 52,350 shares of Rivian Automotive stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total transaction of $869,010.00. Following the sale, the chief executive officer directly owned 1,246,405 shares in the company, valued at approximately $20,690,323. This trade represents a 4.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 137,604 shares of company stock worth $2,391,863 over the last quarter. 2.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RIVN. Charles Schwab Investment Management Inc. increased its stake in Rivian Automotive by 15.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock worth $80,376,000 after acquiring an additional 799,030 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Rivian Automotive during the 2nd quarter worth about $1,324,000. Farther Finance Advisors LLC raised its holdings in Rivian Automotive by 227.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 117,096 shares of the electric vehicle automaker’s stock valued at $1,719,000 after buying an additional 81,291 shares during the period. Tableaux LLC purchased a new stake in Rivian Automotive in the 2nd quarter valued at about $3,435,000. Finally, Intech Investment Management LLC lifted its position in Rivian Automotive by 522.0% in the first quarter. Intech Investment Management LLC now owns 350,965 shares of the electric vehicle automaker’s stock valued at $4,370,000 after buying an additional 294,539 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.