Rivian Automotive (NASDAQ:RIVN) Trading 4% Higher – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded up 4% during mid-day trading on Monday . The stock traded as high as $16.79 and last traded at $16.48. Approximately 34,975,083 shares traded hands during trading, an increase of 10% from the average daily volume of 31,786,395 shares. The stock had previously closed at $15.84.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RIVN. Wall Street Zen raised shares of Rivian Automotive from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Benchmark reaffirmed a “buy” rating and issued a $25.00 price target on shares of Rivian Automotive in a research note on Friday, May 1st. DA Davidson lifted their price objective on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Jefferies Financial Group boosted their price objective on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “hold” rating in a research report on Tuesday, July 7th. Finally, Piper Sandler upgraded shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $18.00 to $20.00 in a research note on Monday. Thirteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat, Rivian Automotive currently has an average rating of “Hold” and a consensus target price of $18.95.

Rivian Automotive Stock Up 0.3%

The firm has a market cap of $22.79 billion, a P/E ratio of -5.73 and a beta of 1.60. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00. The business has a 50-day moving average price of $16.46 and a 200-day moving average price of $15.93.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share for the quarter, beating the consensus estimate of ($0.60) by $0.05. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the company posted ($0.48) earnings per share. The firm’s quarterly revenue was up 11.4% on a year-over-year basis. On average, equities analysts forecast that Rivian Automotive, Inc. will post -3.06 EPS for the current fiscal year.

Insider Activity

In other news, Director Karen Boone sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the sale, the director owned 110,000 shares of the company’s stock, valued at approximately $2,200,000. This represents a 15.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the transaction, the chief financial officer owned 887,007 shares in the company, valued at approximately $14,192,112. This represents a 0.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 68,385 shares of company stock worth $1,125,094. 1.48% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RIVN. Danske Bank A S raised its holdings in Rivian Automotive by 36.8% in the fourth quarter. Danske Bank A S now owns 613,993 shares of the electric vehicle automaker’s stock worth $12,102,000 after purchasing an additional 165,300 shares in the last quarter. Trek Financial LLC bought a new stake in shares of Rivian Automotive in the 4th quarter valued at about $6,115,000. Independent Financial Group LLC purchased a new position in shares of Rivian Automotive in the 1st quarter worth approximately $985,000. Swedbank AB raised its stake in shares of Rivian Automotive by 8.6% during the 4th quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker’s stock worth $18,553,000 after acquiring an additional 74,322 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in shares of Rivian Automotive by 34.9% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 348,800 shares of the electric vehicle automaker’s stock worth $5,249,000 after acquiring an additional 90,200 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.