Rivian Automotive (NASDAQ:RIVN) Trading Up 2.7% - What's Next?

Key Points

• Rivian shares rose 2.7% to $16.17 in mid-day trading, though volume was 44% below the average session level.
• Analyst sentiment remains mixed: Piper Sandler upgraded the stock to “overweight,” while Deutsche Bank downgraded it to “underperform.” The overall consensus is “Hold,” with a $19.05 target price.
• Rivian exceeded quarterly expectations, reporting a $0.63 per-share loss versus the anticipated $0.66 loss and revenue of $1.66 billion. Despite 27.2% year-over-year revenue growth, the company remains unprofitable, with analysts forecasting a full-year loss of $2.98 per share.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was up 2.7% on Tuesday . The stock traded as high as $16.30 and last traded at $16.17. Approximately 16,830,750 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 29,971,332 shares. The stock had previously closed at $15.74.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Piper Sandler upgraded shares of Rivian Automotive from a "neutral" rating to an "overweight" rating and raised their target price for the company from $18.00 to $20.00 in a research note on Monday, July 27th. BNP Paribas Exane upped their price objective on Rivian Automotive from $22.00 to $24.00 and gave the company an "outperform" rating in a report on Wednesday, July 8th. Cantor Fitzgerald reiterated a "neutral" rating and set a $19.00 price objective on shares of Rivian Automotive in a research report on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft downgraded shares of Rivian Automotive from a "buy" rating to an "underperform" rating in a research report on Tuesday, August 4th. Finally, UBS Group lifted their price objective on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a "neutral" rating in a research note on Thursday, July 9th. Twelve equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have assigned a Sell rating to the company. According to data from MarketBeat, Rivian Automotive currently has a consensus rating of "Hold" and a consensus target price of $19.05.

Rivian Automotive Trading Up 2.7%

The firm has a market cap of $23.41 billion, a P/E ratio of -6.27 and a beta of 1.62. The business's fifty day moving average is $16.55 and its 200-day moving average is $15.89. 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 for the quarter, topping the consensus estimate of ($0.66) by $0.03. The company had revenue of $1.66 billion for the quarter, compared to analysts' expectations of $1.52 billion. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. Rivian Automotive's revenue for the quarter was up 27.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.97) earnings per share. Analysts predict 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 8,023 shares of the business's stock in a transaction on Thursday, August 20th. 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 819,178 shares in the company, valued at $13,106,848. The trade was a 0.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 20,000 shares of Rivian Automotive 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 sale, the director directly owned 110,000 shares of the company's stock, valued at approximately $2,200,000. This trade represents a 15.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 41,167 shares of company stock valued at $718,956. Company insiders own 1.48% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

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

Rivian Automotive Company Profile

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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