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

Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 1.2% during mid-day trading on Tuesday. The company traded as high as $15.34 and last traded at $14.97. 28,036,240 shares were traded during trading, a decline of 5% from the average session volume of 29,415,346 shares. The stock had previously closed at $14.79.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of research analyst reports. TD Cowen increased their price objective on shares of Rivian Automotive from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Royal Bank Of Canada increased their price target on Rivian Automotive from $14.00 to $16.00 and gave the company a “sector perform” rating in a report on Friday, July 31st. Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $18.00 to $20.00 in a report on Monday, July 27th. Needham & Company LLC reissued a “buy” rating on shares of Rivian Automotive in a report on Monday, August 10th. Finally, BNP Paribas Exane boosted their price target on Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Twelve analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $19.00.

Rivian Automotive Trading Up 1.2%

The stock has a fifty day moving average of $15.89 and a 200 day moving average of $15.90. The company has a market capitalization of $21.67 billion, a P/E ratio of -5.80 and a beta of 1.62. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.65 and a current ratio of 2.10.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.66) by $0.03. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The company had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the business earned ($0.97) earnings per share. Rivian Automotive’s quarterly revenue was up 27.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Rivian Automotive, Inc. will post -2.96 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire McDonough sold 13,144 shares of Rivian Automotive stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total transaction of $190,588.00. Following the transaction, the chief financial officer directly owned 827,201 shares of the company’s stock, valued at $11,994,414.50. The trade was a 1.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael John Callahan sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $16.29, for a total transaction of $244,350.00. Following the completion of the transaction, the insider owned 1,016,776 shares of the company’s stock, valued at approximately $16,563,281.04. The trade was a 1.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 56,167 shares of company stock valued at $963,306 over the last quarter. 1.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC lifted its stake in shares of Rivian Automotive by 4.0% in the first quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock worth $242,000 after buying an additional 613 shares in the last quarter. Tradition Wealth Management LLC increased its stake in Rivian Automotive by 5.7% during the fourth quarter. Tradition Wealth Management LLC now owns 14,056 shares of the electric vehicle automaker’s stock worth $277,000 after acquiring an additional 753 shares during the last quarter. Reynders McVeigh Capital Management LLC raised its position in Rivian Automotive by 6.8% in the second quarter. Reynders McVeigh Capital Management LLC now owns 15,767 shares of the electric vehicle automaker’s stock valued at $274,000 after purchasing an additional 1,000 shares during the period. Assenagon Asset Management S.A. raised its holdings in Rivian Automotive by 2.0% in the 2nd quarter. Assenagon Asset Management S.A. now owns 56,758 shares of the electric vehicle automaker’s stock valued at $985,000 after buying an additional 1,134 shares during the period. Finally, Grey Fox Wealth Advisors LLC raised its stake in shares of Rivian Automotive by 6.5% in the 4th quarter. Grey Fox Wealth Advisors LLC now owns 18,756 shares of the electric vehicle automaker’s stock valued at $370,000 after acquiring an additional 1,151 shares during the period. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc is an electric vehicle manufacturer focused on developing and producing vehicles designed for adventure, utility and commercial use. The company’s lineup includes the R1T electric pickup truck and R1S electric SUV, which feature all-electric powertrains, advanced driver-assistance technology and software-enabled vehicle systems.

Rivian also develops electric commercial vehicles, including delivery vans, along with vehicle software, charging solutions and related services.