Rivian Automotive (NASDAQ:RIVN) Shares Up 3.7% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price rose 3.7% during mid-day trading on Monday . The company traded as high as $11.12 and last traded at $10.84. Approximately 13,084,347 shares were traded during trading, a decline of 66% from the average daily volume of 39,023,391 shares. The stock had previously closed at $10.45.

Analyst Ratings Changes

RIVN has been the subject of several analyst reports. JPMorgan Chase & Co. cut their price target on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. Wells Fargo & Company cut their target price on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Morgan Stanley lowered Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. Mizuho upped their price objective on Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. Finally, UBS Group decreased their target price on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $17.09.

Rivian Automotive Trading Up 3.8 %

The stock has a market cap of $10.94 billion, a P/E ratio of -1.82 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’s fifty day simple moving average is $12.04 and its 200-day simple moving average is $12.26.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. Equities research analysts expect that Rivian Automotive, Inc. will post -4.84 EPS for the current fiscal year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 completion of the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 169,876 shares of company stock valued at $2,153,551 in the last ninety days. 2.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Vicus Capital boosted its position in shares of Rivian Automotive by 11.6% during the first quarter. Vicus Capital now owns 13,633 shares of the electric vehicle automaker’s stock valued at $149,000 after buying an additional 1,422 shares during the last quarter. SteelPeak Wealth LLC purchased a new position in Rivian Automotive during the 1st quarter worth $265,000. Albion Financial Group UT grew its stake in shares of Rivian Automotive by 346.4% in the 1st quarter. Albion Financial Group UT now owns 104,181 shares of the electric vehicle automaker’s stock worth $1,141,000 after acquiring an additional 80,841 shares in the last quarter. Norden Group LLC purchased a new stake in shares of Rivian Automotive in the first quarter valued at about $132,000. Finally, Principal Financial Group Inc. lifted its position in shares of Rivian Automotive by 37.4% during the first quarter. Principal Financial Group Inc. now owns 57,371 shares of the electric vehicle automaker’s stock valued at $628,000 after purchasing an additional 15,603 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.