Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2.2% - Here's Why

Key Points

• Rivian Automotive's stock rose 2.2% on Wednesday, closing at $13.41, with approximately 35.3 million shares traded, reflecting a slight decline in trading volume compared to its average.
• Analysts are mixed on Rivian, with reports showing a "buy" rating from Canaccord Genuity and a "sell" rating from Wall Street Zen, alongside an average target price of $13.90.
• Recent quarterly earnings revealed that Rivian missed earnings expectations with a reported loss of $0.97 per share, despite revenue growth of 12.5% year-over-year to $1.30 billion.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price rose 2.2% during trading on Wednesday . The stock traded as high as $13.64 and last traded at $13.41. Approximately 35,285,250 shares changed hands during mid-day trading, a decline of 2% from the average daily volume of 36,049,234 shares. The stock had previously closed at $13.12.

Analyst Ratings Changes

RIVN has been the topic of a number of recent research reports. Mizuho upped their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a "neutral" rating in a report on Tuesday, September 23rd. Wall Street Zen lowered shares of Rivian Automotive from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Canaccord Genuity Group restated a "buy" rating and issued a $21.00 target price on shares of Rivian Automotive in a report on Friday, October 3rd. Stifel Nicolaus reduced their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Finally, The Goldman Sachs Group upped their target price on shares of Rivian Automotive from $12.00 to $15.00 and gave the company a "neutral" rating in a report on Monday, September 29th. Five equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $13.90.

Rivian Automotive Stock Performance

The firm has a market capitalization of $16.27 billion, a PE ratio of -4.15 and a beta of 1.82. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44. The company's fifty day moving average price is $13.53 and its two-hundred day moving average price is $13.44.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The company had revenue of $1.30 billion for 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 company's revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.46) earnings per share. As a group, equities analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer owned 789,445 shares of the company's stock, valued at approximately $9,694,384.60. This represents a 0.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 17,450 shares of the 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 directly 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 disclosure for this sale can be found here. In the last three months, insiders have sold 42,147 shares of company stock valued at $577,593. Corporate insiders own 2.16% of the company's stock.

Institutional Trading of Rivian Automotive

A number of institutional investors and hedge funds have recently bought and sold shares of RIVN. Assetmark Inc. increased its position in Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker's stock worth $25,000 after purchasing an additional 1,357 shares in the last quarter. Banque Transatlantique SA lifted its position in shares of Rivian Automotive by 13,194.1% during the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock worth $26,000 after purchasing an additional 2,243 shares in the last quarter. Newbridge Financial Services Group Inc. boosted its stake in shares of 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 purchasing an additional 1,000 shares during the period. Fairman Group LLC acquired a new stake in Rivian Automotive during the 2nd quarter valued at $31,000. Finally, WPG Advisers LLC acquired a new stake in Rivian Automotive during the 1st quarter valued at $34,000. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.