Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2% - Here's What Happened

Key Points

• Rivian Automotive's stock price rose by 2% to close at $13.06, with a significant drop in trading volume compared to its average.
• Several analysts have adjusted their target prices for Rivian: Stifel Nicolaus lowered theirs to $16.00 while Goldman Sachs increased theirs to $15.00, reflecting mixed ratings on the stock.
• Rivian reported a loss of $0.97 EPS for its last quarter, missing analyst expectations, though revenue increased by 12.5% year-over-year.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price rose 2% during mid-day trading on Monday . The company traded as high as $13.12 and last traded at $13.06. Approximately 21,300,548 shares traded hands during trading, a decline of 41% from the average daily volume of 36,104,797 shares. The stock had previously closed at $12.80.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on RIVN shares. Stifel Nicolaus lowered their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Friday, August 8th. The Goldman Sachs Group increased their target price on Rivian Automotive from $12.00 to $15.00 and gave the company a "neutral" rating in a report on Monday, September 29th. Needham & Company LLC reissued a "buy" rating and issued a $14.00 target price on shares of Rivian Automotive in a report on Monday, August 25th. Cfra Research raised Rivian Automotive to a "moderate sell" rating in a report on Thursday, October 2nd. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Rivian Automotive in a report on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $13.90.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72. The business has a 50-day simple moving average of $13.50 and a 200 day simple moving average of $13.44. The firm has a market cap of $15.85 billion, a PE ratio of -4.04 and a beta of 1.82.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results 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). The company had revenue of $1.30 billion during the quarter, compared to analysts' expectations of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The business's quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.46) EPS. Equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the sale, the chief executive officer owned 1,316,205 shares of the company's stock, valued at approximately $18,426,870. This trade represents a 1.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer directly owned 789,445 shares in the company, valued at $9,694,384.60. This trade represents a 0.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,147 shares of company stock worth $577,593 in the last three months. 2.16% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wedmont Private Capital raised its stake in Rivian Automotive by 10.2% during the 3rd quarter. Wedmont Private Capital now owns 30,879 shares of the electric vehicle automaker's stock valued at $453,000 after purchasing an additional 2,847 shares during the period. Assenagon Asset Management S.A. increased its stake in Rivian Automotive by 10.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 58,886 shares of the electric vehicle automaker's stock worth $864,000 after acquiring an additional 5,707 shares during the last quarter. Oak Thistle LLC bought a new stake in Rivian Automotive in the 3rd quarter worth approximately $762,000. Rydar Equities Inc. bought a new stake in Rivian Automotive in the 2nd quarter worth approximately $306,000. Finally, Corient Private Wealth LLC increased its stake in Rivian Automotive by 3.3% in the 2nd quarter. Corient Private Wealth LLC now owns 47,963 shares of the electric vehicle automaker's stock worth $659,000 after acquiring an additional 1,522 shares during the last quarter. Institutional investors own 66.25% of the company's stock.

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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