Rivian Automotive (NASDAQ:RIVN) Trading Up 1.9% - What's Next?

Key Points

• Rivian shares rose 1.9% to $15.91 in Thursday trading, though volume was 53% below the average. The stock remains near its 200-day moving average of $15.92 and below its 50-day average of $16.54.
• Analyst sentiment is mixed, with 12 Buy, 8 Hold, and 7 Sell ratings; the consensus rating is Hold with an average price target of $19.05. Several firms recently raised their targets, including BNP Paribas Exane to $24.
• Rivian exceeded quarterly expectations, reporting an adjusted loss of $0.63 per share versus a projected $0.66 loss and revenue of $1.66 billion, up 27.2% year over year. However, the company remains unprofitable, with a negative net margin of 54.96%, and analysts expect a full-year loss of $2.98 per share.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price traded up 1.9% on Thursday . The stock traded as high as $16.05 and last traded at $15.91. Approximately 14,221,349 shares were traded during trading, a decline of 53% from the average daily volume of 30,157,092 shares. The stock had previously closed at $15.61.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on RIVN shares. BNP Paribas Exane increased their target price on shares of Rivian Automotive from $22.00 to $24.00 and gave the company an "outperform" rating in a research report on Wednesday, July 8th. Royal Bank Of Canada boosted their price target on shares of Rivian Automotive from $14.00 to $16.00 and gave the company a "sector perform" rating in a research report on Friday, July 31st. DA Davidson upped their price objective 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. Wells Fargo & Company raised 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, UBS Group boosted their target price on Rivian Automotive from $16.00 to $17.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. Twelve investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have issued a Sell rating to the company. Based on data from MarketBeat.com, Rivian Automotive currently has an average rating of "Hold" and an average target price of $19.05.

Rivian Automotive Stock Performance

The firm's 50-day moving average is $16.54 and its 200 day moving average is $15.92. The stock has a market cap of $23.04 billion, a PE ratio of -6.17 and a beta of 1.62. 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 - Get Free Report) 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 the consensus estimate of ($0.66) by $0.03. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The company had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period last year, the firm posted ($0.97) EPS. Rivian Automotive's revenue for the quarter was up 27.2% on a year-over-year basis. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -2.98 EPS for the current year.

Insider Transactions at Rivian Automotive

In related news, CFO Claire McDonough sold 13,144 shares of the business's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total value of $190,588.00. Following the transaction, the chief financial officer owned 827,201 shares in the company, valued at $11,994,414.50. The trade was a 1.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 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, 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 sale, the director directly owned 110,000 shares of the company's stock, valued at approximately $2,200,000. This represents a 15.38% 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 three months, insiders have sold 41,167 shares of company stock worth $718,956. Corporate insiders own 1.48% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently bought and sold shares of the company. Newbridge Financial Services Group Inc. increased its holdings in Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker's stock valued at $26,000 after buying an additional 1,000 shares in the last quarter. Core Wealth Advisors LLC purchased a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $27,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Rivian Automotive in the 3rd quarter worth approximately $31,000. Zions Bancorporation National Association UT acquired a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $33,000. Finally, Oslo Pensjonsforsikring AS acquired a new stake in shares of Rivian Automotive in the 1st quarter worth approximately $39,000. 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.

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