Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.2% – Here’s What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 1.2% during mid-day trading on Tuesday . The company traded as high as $10.15 and last traded at $10.15. 4,101,639 shares traded hands during trading, a decline of 90% from the average session volume of 39,248,047 shares. The stock had previously closed at $10.03.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Barclays reduced their price objective on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. Piper Sandler reaffirmed an “overweight” rating and set a $21.00 price target on shares of Rivian Automotive in a report on Wednesday, June 26th. Needham & Company LLC decreased their price objective 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. DA Davidson raised their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, June 28th. Finally, Wedbush reaffirmed an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $17.09.

Rivian Automotive Stock Down 3.1 %

The firm has a 50 day simple moving average of $12.17 and a two-hundred day simple moving average of $12.25. The stock has a market capitalization of $10.11 billion, a P/E ratio of -1.76 and a beta of 2.03. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. On average, equities research analysts expect that Rivian Automotive, Inc. will post -4.88 earnings per share for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred on 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 $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated 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 owns 392,662 shares in the company, valued at approximately $5,328,423.34. This trade represents 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 worth $2,153,551 in the last three months. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. raised its stake in shares of Rivian Automotive by 1.7% during the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after acquiring an additional 604 shares during the last quarter. First Horizon Advisors Inc. raised its position 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 worth $38,000 after purchasing an additional 670 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Rivian Automotive by 28.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after buying an additional 760 shares during the last quarter. Certuity LLC increased its stake in shares of Rivian Automotive by 8.1% in the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after buying an additional 815 shares during the period. Finally, Sanders Morris Harris LLC raised its position in shares of Rivian Automotive by 8.9% during the second quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock worth $136,000 after acquiring an additional 823 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.