Rivian Automotive (NASDAQ:RIVN) Trading 1.8% Higher – Here’s Why

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 1.8% on Thursday . The stock traded as high as $16.18 and last traded at $16.01. Approximately 17,284,149 shares were traded during trading, a decline of 44% from the average daily volume of 30,696,871 shares. The stock had previously closed at $15.73.

Analyst Upgrades and Downgrades

RIVN has been the topic of a number of research analyst reports. DA Davidson lifted their price target on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. Benchmark reiterated a “buy” rating and issued a $25.00 target price on shares of Rivian Automotive in a research report on Friday, May 1st. Weiss Ratings upgraded shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Wells Fargo & Company lifted their price objective on Rivian Automotive from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Friday, July 31st. Finally, Royal Bank Of Canada increased their target price on Rivian Automotive from $14.00 to $16.00 and gave the company a “sector perform” rating in a report on Friday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $18.95.

Rivian Automotive Stock Up 6.0%

The stock has a market capitalization of $24.57 billion, a price-to-earnings ratio of -6.58 and a beta of 1.61. The business has a 50-day moving average of $16.48 and a 200-day moving average of $15.81. 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 posted its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.47) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.66) by $0.19. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.52 billion. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The company’s quarterly revenue was up 27.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.97) EPS. On average, sell-side analysts expect that Rivian Automotive, Inc. will post -2.98 EPS for the current year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the transaction, the chief executive officer directly owned 922,286 shares in the company, valued at $13,834,290. This represents a 3.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 20,000 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $20.00, for a total transaction of $400,000.00. Following the completion of the transaction, the director directly owned 110,000 shares in the company, valued at $2,200,000. This trade represents a 15.38% 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. In the last 90 days, insiders have sold 84,008 shares of company stock worth $1,369,594. 1.48% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently added to or reduced their stakes in the stock. Brighton Jones LLC increased its stake in Rivian Automotive by 28.0% in the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after buying an additional 3,864 shares during the period. AQR Capital Management LLC lifted its stake in shares of Rivian Automotive by 1.5% in the 1st quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock worth $4,733,000 after acquiring an additional 5,590 shares during the period. Empowered Funds LLC boosted its holdings in shares of Rivian Automotive by 10.1% in the first quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock valued at $679,000 after acquiring an additional 4,998 shares in the last quarter. Focus Partners Wealth boosted its holdings in shares of Rivian Automotive by 29.0% in the first quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock valued at $803,000 after acquiring an additional 14,497 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its stake in shares of Rivian Automotive by 57.1% during the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock worth $64,000 after acquiring an additional 1,856 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.