Rivian Automotive (NASDAQ:RIVN) Trading Up 0.3% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were up 0.3% during mid-day trading on Friday . The stock traded as high as $10.59 and last traded at $10.46. Approximately 5,736,864 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 39,072,367 shares. The stock had previously closed at $10.43.

Wall Street Analyst Weigh In

A number of research analysts have commented on RIVN shares. Canaccord Genuity Group reduced their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Needham & Company LLC decreased their target price on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Wedbush restated an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a research report on Wednesday, August 7th. JPMorgan Chase & Co. decreased their price objective on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Tuesday, October 22nd. Finally, Truist Financial dropped their target price on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a report on Wednesday, October 16th. One investment 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. According to MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and an average price target of $17.09.

Rivian Automotive Price Performance

The stock has a market cap of $10.54 billion, a P/E ratio of -1.75 and a beta of 2.03. 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 firm has a 50-day moving average price of $12.04 and a 200-day moving average price of $12.25.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data 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 return on equity of 65.40% and a negative net margin of 115.50%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. On average, analysts forecast that Rivian Automotive, Inc. will post -4.88 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Claire Mcdonough sold 3,210 shares of the 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 sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were 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 $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 169,876 shares of company stock valued at $2,153,551 in the last three months. Company insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently made changes to their positions in the company. Quent Capital LLC lifted its position in Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 2,380 shares during the last quarter. GHP Investment Advisors Inc. increased its holdings in 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 worth $29,000 after buying an additional 1,002 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Rivian Automotive in the 2nd quarter worth about $37,000. Finally, First Horizon Advisors Inc. lifted its stake in Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after acquiring an additional 670 shares during the period. 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.