Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3.4% – What’s Next?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 3.4% on Tuesday. The company traded as high as $12.09 and last traded at $11.82. Approximately 34,955,715 shares changed hands during trading, an increase of 20% from the average session volume of 29,011,197 shares. The stock had previously closed at $11.43.

Analyst Ratings Changes

Several research firms have commented on RIVN. Yorkville Ives began coverage on Rivian Automotive in a research report on Tuesday, October 6th. They issued an “outperform” rating and a $20.00 target price for the company. BNP Paribas Exane boosted their price target on Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Jefferies Financial Group upped their price objective on Rivian Automotive from $16.00 to $17.00 and gave the company a “hold” rating in a research note on Tuesday, July 7th. Wall Street Zen upgraded shares of Rivian Automotive from a “sell” rating to a “hold” rating in a report on Saturday, September 19th. Finally, TD Cowen lifted their target price on shares of Rivian Automotive from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Thirteen investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and a consensus target price of $19.86.

Rivian Automotive Trading Up 3.4%

The company has a market cap of $17.11 billion, a price-to-earnings ratio of -4.58 and a beta of 1.62. The firm has a 50 day moving average price of $14.81 and a two-hundred day moving average price of $15.65. The company has a quick ratio of 1.65, a current ratio of 2.10 and a debt-to-equity ratio of 0.87.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.03. The company had revenue of $1.66 billion during 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 firm’s revenue was up 27.2% compared to the same quarter last year. During the same period last year, the company earned ($0.97) earnings per share. As a group, equities analysts forecast that Rivian Automotive, Inc. will post -2.94 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other news, insider Michael John Callahan sold 15,000 shares of the company’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $15.00, for a total value of $225,000.00. Following the sale, the insider directly owned 1,001,776 shares of the company’s stock, valued at approximately $15,026,640. This represents a 1.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 13,144 shares of the company’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $14.50, for a total transaction of $190,588.00. Following the completion of the sale, the chief financial officer directly owned 827,201 shares in the company, valued at approximately $11,994,414.50. This represents a 1.56% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 51,167 shares of company stock valued at $788,306. Company insiders own 1.48% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new stake in Rivian Automotive during the 2nd quarter worth about $49,915,000. Hsbc Holdings PLC lifted its stake in shares of Rivian Automotive by 55.8% in the 1st quarter. Hsbc Holdings PLC now owns 3,097,836 shares of the electric vehicle automaker’s stock valued at $46,625,000 after purchasing an additional 1,109,171 shares during the period. USS Investment Management Ltd bought a new stake in shares of Rivian Automotive during the 1st quarter valued at about $12,683,000. Andra AP fonden bought a new stake in shares of Rivian Automotive during the 2nd quarter valued at about $6,923,000. Finally, Quantinno Capital Management LP boosted its position in shares of Rivian Automotive by 126.4% during the 1st quarter. Quantinno Capital Management LP now owns 471,963 shares of the electric vehicle automaker’s stock valued at $7,103,000 after purchasing an additional 263,478 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an electric vehicle manufacturer that designs, develops and produces all-electric trucks, sport utility vehicles and commercial delivery vans. The company focuses on vehicles intended for outdoor recreation, everyday transportation and fleet use, combining battery-electric powertrains with software and connected-vehicle technologies.

Rivian’s consumer vehicle lineup includes the R1T pickup truck and R1S sport utility vehicle. The company also develops electric commercial vans for business and delivery fleets, including vehicles produced through its relationship with Amazon.