Rivian Automotive (NASDAQ:RIVN) Shares Up 5.8% - What's Next?

Key Points

• Rivian shares rose 5.8% to $14.06, with trading volume 42% above the average session volume.
• The automaker beat quarterly expectations, reporting a loss of $0.48 per share versus the $0.64 consensus loss and revenue of $2.15 billion, up 38.3% year over year.
• Analysts’ consensus rating is Hold, with an average price target of $19.50; 15 analysts rate the stock Buy, seven Hold, and five Sell.

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) were up 5.8% during trading on Wednesday. The stock traded as high as $14.31 and last traded at $14.06. 41,933,849 shares were traded during mid-day trading, an increase of 42% from the average session volume of 29,461,844 shares. The stock had previously closed at $13.29.

Wall Street Analyst Weigh In

RIVN has been the subject of several research reports. Stifel Nicolaus set a $22.00 price objective on shares of Rivian Automotive in a report on Monday, August 24th. BNP Paribas Exane lifted their target price on Rivian Automotive from $22.00 to $24.00 and gave the stock an "outperform" rating in a report on Wednesday, July 8th. TD Cowen increased their price target on Rivian Automotive from $20.00 to $21.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Citigroup initiated coverage on Rivian Automotive in a research note on Monday, September 14th. They set a "hold" rating and a $18.00 price target for the company. Finally, Piper Sandler upgraded Rivian Automotive from a "neutral" rating to an "overweight" rating and raised their price target for the company from $18.00 to $20.00 in a report on Monday, July 27th. Fifteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $19.50.

Rivian Automotive Trading Up 5.8%

The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.70 and a current ratio of 2.18. The stock's fifty day moving average is $14.39 and its 200 day moving average is $15.45. The stock has a market cap of $20.36 billion, a P/E ratio of -6.25 and a beta of 1.64.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings data on Thursday, October 29th. The electric vehicle automaker reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.64) by $0.16. Rivian Automotive had a negative return on equity of 69.68% and a negative net margin of 45.88%. The company had revenue of $2.15 billion for the quarter, compared to analysts' expectations of $2 billion. During the same period in the previous year, the firm posted ($1.08) earnings per share. The firm's revenue for the quarter was up 38.3% on a year-over-year basis. As a group, equities research analysts predict that Rivian Automotive, Inc. will post -2.92 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CFO Claire McDonough sold 13,144 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total transaction of $190,588.00. Following the sale, the chief financial officer owned 827,201 shares in the company, valued at approximately $11,994,414.50. This represents a 1.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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. Also, insider Michael John Callahan sold 15,000 shares of the firm's stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $15.00, for a total value of $225,000.00. Following the completion of the sale, the insider owned 1,001,776 shares of the company's stock, valued at approximately $15,026,640. This represents a 1.48% 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 three months, insiders have sold 51,167 shares of company stock worth $788,306. Corporate insiders own 1.48% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently made changes to their positions in the company. MCF Advisors LLC raised its position in Rivian Automotive by 3,500.0% in the 2nd quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker's stock worth $31,000 after purchasing an additional 1,750 shares during the period. Oslo Pensjonsforsikring AS purchased a new position in shares of Rivian Automotive during the first quarter valued at approximately $39,000. Ancora Advisors LLC purchased a new position in shares of Rivian Automotive during the second quarter valued at approximately $44,000. Heritage Family Offices LLP bought a new position in shares of Rivian Automotive during the third quarter valued at approximately $49,000. Finally, Root Financial Partners LLC bought a new position in shares of Rivian Automotive during the third quarter valued at approximately $57,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

About Rivian Automotive

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.

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