Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1% - What's Next?

Key Points

• Rivian Automotive's stock price increased by 1%, closing at $12.37, with a significant decline in trading volume compared to its average.
• Multiple analysts have lowered their price targets for Rivian shares, with Morgan Stanley and UBS both setting their target prices at $12.00.
• The company reported a quarterly earnings miss with an EPS of (0.97), missing estimates, despite achieving a revenue of $1.30 billion, a 12.5% increase year-over-year.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price shot up 1% during mid-day trading on Monday . The stock traded as high as $12.38 and last traded at $12.37. 5,100,929 shares were traded during mid-day trading, a decline of 85% from the average session volume of 32,982,063 shares. The stock had previously closed at $12.24.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RIVN. Stifel Nicolaus decreased their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Jefferies Financial Group restated a "hold" rating and issued a $16.00 price objective on shares of Rivian Automotive in a research report on Wednesday, May 14th. Morgan Stanley dropped their target price on shares of Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating for the company in a report on Wednesday, August 13th. Piper Sandler raised their target price on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research note on Thursday, May 22nd. Finally, UBS Group reduced their price target on Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. Five investment analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, Rivian Automotive has a consensus rating of "Hold" and an average price target of $13.69.

Rivian Automotive Stock Up 8.0%

The company's fifty day simple moving average is $13.01 and its 200 day simple moving average is $12.94. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $15.88 billion, a PE ratio of -4.05 and a beta of 1.80.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.32). Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the prior year, the company posted ($1.46) EPS. The firm's revenue was up 12.5% on a year-over-year basis. Analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 7,247 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $12.28, for a total transaction of $88,993.16. Following the sale, the chief financial officer owned 789,445 shares in the company, valued at approximately $9,694,384.60. The trade was a 0.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.16% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently bought and sold shares of the business. B. Riley Wealth Advisors Inc. purchased a new stake in Rivian Automotive in the second quarter worth about $469,000. Newbridge Financial Services Group Inc. boosted its position in shares of Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker's stock worth $26,000 after purchasing an additional 1,000 shares in the last quarter. Marex Group plc purchased a new stake in shares of Rivian Automotive in the 2nd quarter worth approximately $2,856,000. Geneos Wealth Management Inc. increased its position in Rivian Automotive by 20.6% during the 2nd quarter. Geneos Wealth Management Inc. now owns 6,161 shares of the electric vehicle automaker's stock valued at $85,000 after buying an additional 1,054 shares in the last quarter. Finally, Wellington Capital Management Inc. bought a new position in Rivian Automotive during the 2nd quarter valued at approximately $152,000. Institutional investors own 66.25% of the company's stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.