Rivian Automotive (NASDAQ:RIVN) Shares Up 0.5% – What’s Next?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 0.5% on Monday . The company traded as high as $10.17 and last traded at $10.09. 4,841,985 shares changed hands during trading, a decline of 88% from the average session volume of 39,359,777 shares. The stock had previously closed at $10.04.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several recent research reports. Needham & Company LLC decreased their price target on 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 boosted their price target 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. Piper Sandler reaffirmed an “overweight” rating and issued a $21.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 26th. Wedbush restated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research report on Wednesday, August 7th. Finally, Guggenheim began coverage on Rivian Automotive in a report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price objective for the company. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $17.09.

Rivian Automotive Trading Down 3.1 %

The company has a market cap of $10.11 billion, a P/E ratio of -1.79 and a beta of 2.03. The business has a 50 day moving average price of $12.23 and a 200-day moving average price of $12.26. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN) last posted 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 business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. Analysts forecast that Rivian Automotive, Inc. will post -4.88 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive 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 transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 169,876 shares of company stock worth $2,153,551. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of the business. Baillie Gifford & Co. increased its holdings in Rivian Automotive by 714.3% in the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after purchasing an additional 22,194,018 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Rivian Automotive by 1,521.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after buying an additional 5,937,605 shares during the period. Renaissance Technologies LLC increased its stake in shares of Rivian Automotive by 153.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after acquiring an additional 3,285,867 shares in the last quarter. Spirepoint Private Client LLC acquired a new position in shares of Rivian Automotive during the 1st quarter valued at $15,635,000. Finally, AQR Capital Management LLC boosted its stake in 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 worth $33,276,000 after acquiring an additional 1,257,106 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.