Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3.6% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) rose 3.6% during mid-day trading on Thursday . The stock traded as high as $10.08 and last traded at $10.06. Approximately 16,232,562 shares changed hands during trading, a decline of 58% from the average daily volume of 38,658,770 shares. The stock had previously closed at $9.71.

Analyst Ratings Changes

RIVN has been the topic of several recent analyst reports. Wedbush reiterated an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a research report on Friday. Barclays dropped their target price on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Needham & Company LLC dropped their target price on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday. Guggenheim dropped their target price on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, JPMorgan Chase & Co. dropped their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $15.77.

Rivian Automotive Stock Up 5.4 %

The firm has a 50 day moving average price of $11.36 and a two-hundred day moving average price of $12.32. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $10.68 billion, a price-to-earnings ratio of -1.78 and a beta of 2.04.

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 the consensus estimate of ($1.25) by ($0.14). The business had revenue of $1.16 billion for 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%. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -4.84 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive 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 directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. This trade represents 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 accessible through this link. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm’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 transaction, the chief financial officer now owns 392,662 shares of the company’s stock, 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 legal filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 169,876 shares of company stock worth $2,153,551. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of the business. Baillie Gifford & Co. raised its holdings in shares of Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after buying an additional 17,341,786 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after buying an additional 3,285,867 shares during the last quarter. Spirepoint Private Client LLC bought a new stake in shares of Rivian Automotive during the first quarter valued at approximately $15,635,000. AQR Capital Management LLC raised its holdings in shares of Rivian Automotive by 102.8% during the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after buying an additional 1,257,106 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Rivian Automotive by 1.8% during the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after buying an additional 1,226,357 shares during the last quarter. Institutional investors 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.