Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares shot up 2% during mid-day trading on Wednesday . The company traded as high as $10.94 and last traded at $10.68. 11,921,167 shares were traded during trading, a decline of 70% from the average session volume of 40,032,246 shares. The stock had previously closed at $10.47.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on RIVN shares. Wolfe Research began coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They set a “peer perform” rating for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $19.00 price target on shares of Rivian Automotive in a report on Monday, September 30th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday, September 10th. Guggenheim initiated coverage on Rivian Automotive in a report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 target price for the company. Finally, Piper Sandler reissued an “overweight” rating and set a $21.00 price target on shares of Rivian Automotive in a research report on Wednesday, June 26th. One 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, the stock has an average rating of “Hold” and a consensus target price of $17.68.

Rivian Automotive Stock Performance

The stock has a market capitalization of $10.34 billion, a price-to-earnings ratio of -1.72 and a beta of 2.03. The firm has a fifty day moving average of $12.86 and a 200 day moving average of $12.26. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.17 billion. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related 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 completion of the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 241,305 shares of company stock worth $3,369,273. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently bought and sold shares of RIVN. Royal London Asset Management Ltd. increased its holdings in shares of Rivian Automotive by 19.6% in the second quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock valued at $4,027,000 after purchasing an additional 49,216 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Rivian Automotive by 102.8% during the 2nd quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after acquiring an additional 1,257,106 shares during the period. SteelPeak Wealth LLC acquired a new position in shares of Rivian Automotive during the 1st quarter valued at about $265,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Rivian Automotive in the second quarter valued at about $9,388,000. Finally, Berkshire Capital Holdings Inc. increased its position in Rivian Automotive by 3,511,500.0% during the fourth quarter. Berkshire Capital Holdings Inc. now owns 351,160 shares of the electric vehicle automaker’s stock worth $8,238,000 after purchasing an additional 351,150 shares during the last quarter. Institutional investors and hedge funds 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.