Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1% - Here's Why

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) shares rose 1% during trading on Monday . The stock traded as high as $12.38 and last traded at $12.37. Approximately 5,100,929 shares were traded during trading, a decline of 85% from the average daily volume of 32,982,063 shares. The stock had previously closed at $12.24.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RIVN. Morgan Stanley reduced their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. UBS Group lowered their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 6th. JPMorgan Chase & Co. lowered their target price on shares of Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating on the stock in a report on Wednesday, August 6th. Wedbush lowered their target price on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a report on Wednesday, August 6th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and issued a $15.00 price objective on shares of Rivian Automotive in a research note on Wednesday, May 7th. Four analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $13.69.

Rivian Automotive Stock Performance

The firm's 50-day moving average price is $13.17 and its two-hundred day moving average price is $12.95. The firm has a market capitalization of $15.00 billion, a PE ratio of -3.83 and a beta of 1.80. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73.

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

Institutional Trading of Rivian Automotive

A number of institutional investors and hedge funds have recently modified their holdings of RIVN. Vanguard Group Inc. raised its position in shares of Rivian Automotive by 2.6% during the second quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker's stock valued at $1,086,507,000 after buying an additional 1,983,509 shares during the last quarter. Geode Capital Management LLC increased its stake in Rivian Automotive by 4.9% during the second quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker's stock valued at $200,200,000 after acquiring an additional 689,045 shares during the period. Capital International Investors acquired a new position in Rivian Automotive in the 4th quarter valued at approximately $144,030,000. Soma Equity Partners LP lifted its position in shares of Rivian Automotive by 19.9% in the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock worth $112,865,000 after acquiring an additional 1,407,772 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of Rivian Automotive by 11.2% during the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker's stock worth $100,195,000 after purchasing an additional 809,064 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

About Rivian Automotive

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.

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