Rivian Automotive (NASDAQ:RIVN) Trading Up 5.6%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price rose 5.6% on Friday . The stock traded as high as $11.79 and last traded at $11.79. Approximately 12,366,638 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 40,179,680 shares. The stock had previously closed at $11.17.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on RIVN shares. Mizuho upped their price target on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. Piper Sandler reaffirmed an “overweight” rating and issued a $21.00 target price on shares of Rivian Automotive in a research report on Wednesday, June 26th. Wells Fargo & Company lowered their price target on Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. The Goldman Sachs Group lifted their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Monday, July 1st. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $15.00 price target on shares of Rivian Automotive in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $17.91.

Rivian Automotive Price Performance

The stock’s 50 day moving average price is $13.91 and its two-hundred day moving average price is $12.31. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The firm has a market capitalization of $11.70 billion, a price-to-earnings ratio of -2.01 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, equities research analysts anticipate that Rivian Automotive, Inc. will post -4.8 EPS for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction that occurred 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 directly owns 909,691 shares in the company, valued at $16,374,438. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Robert J. Scaringe sold 200,000 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were 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 of the company’s stock, valued at $16,374,438. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’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 value of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 512,734 shares of company stock valued at $8,038,565. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RIVN. Price T Rowe Associates Inc. MD boosted its stake in Rivian Automotive by 35.7% in the fourth 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 in the last quarter. Vanguard Group Inc. lifted its position in Rivian Automotive by 1.8% during the 1st 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 in the last quarter. Baillie Gifford & Co. lifted its position in 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 worth $443,072,000 after buying an additional 7,714,788 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Rivian Automotive by 1,521.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after acquiring an additional 5,937,605 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in Rivian Automotive by 153.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after acquiring an additional 3,285,867 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

About Rivian Automotive

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.