Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares rose 2.2% during trading on Friday . The stock traded as high as $17.50 and last traded at $17.46. Approximately 28,855,845 shares were traded during trading, a decline of 10% from the average session volume of 32,065,613 shares. The stock had previously closed at $17.09.
Key Headlines Impacting Rivian Automotive
Here are the key news stories impacting Rivian Automotive this week:
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on RIVN. Tigress Financial reiterated a "buy" rating and issued a $25.00 price objective on shares of Rivian Automotive in a report on Friday, April 10th. Jefferies Financial Group raised their target price on Rivian Automotive from $16.00 to $17.00 and gave the company a "hold" rating in a report on Tuesday, July 7th. Weiss Ratings raised Rivian Automotive from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, July 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $23.00 price target on shares of Rivian Automotive in a research report on Wednesday, June 10th. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $22.00 price target on shares of Rivian Automotive in a research note on Monday, April 6th. Twelve analysts have rated the stock with a Buy rating, eight have issued a Hold rating and six have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $18.86.
Read Our Latest Report on RIVN
Rivian Automotive Price Performance
The stock's 50 day moving average price is $15.98 and its two-hundred day moving average price is $16.10. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64. The firm has a market capitalization of $21.66 billion, a price-to-earnings ratio of -5.98 and a beta of 1.60.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.60) by $0.05. The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. Rivian Automotive had a negative net margin of 63.62% and a negative return on equity of 75.65%. Rivian Automotive's quarterly revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.48) EPS. On average, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.06 EPS for the current year.
Insider Buying and Selling at Rivian Automotive
In other news, Director Karen Boone sold 20,000 shares of Rivian Automotive stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $20.00, for a total value of $400,000.00. Following the transaction, the director directly owned 110,000 shares in the company, valued at approximately $2,200,000. The trade was a 15.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the business's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the transaction, the chief financial officer directly owned 887,007 shares of the company's stock, valued at $14,192,112. This represents a 0.90% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 78,630 shares of company stock worth $1,309,504 over the last ninety days. Company insiders own 1.48% of the company's stock.
Institutional Trading of Rivian Automotive
Several hedge funds have recently added to or reduced their stakes in RIVN. Handelsbanken Fonder AB increased its position in Rivian Automotive by 2.1% in the 2nd quarter. Handelsbanken Fonder AB now owns 270,800 shares of the electric vehicle automaker's stock worth $4,698,000 after buying an additional 5,600 shares during the period. Valeo Financial Advisors LLC boosted its position in shares of Rivian Automotive by 6.8% in the second quarter. Valeo Financial Advisors LLC now owns 25,887 shares of the electric vehicle automaker's stock valued at $449,000 after acquiring an additional 1,642 shares during the period. Assenagon Asset Management S.A. boosted its position in shares of Rivian Automotive by 2.0% in the second quarter. Assenagon Asset Management S.A. now owns 56,758 shares of the electric vehicle automaker's stock valued at $985,000 after acquiring an additional 1,134 shares during the period. Western Wealth Management LLC acquired a new stake in shares of Rivian Automotive in the first quarter worth $179,000. Finally, Rathbones Group PLC acquired a new stake in shares of Rivian Automotive in the first quarter worth $237,000. Institutional investors own 66.25% of the company's stock.
Rivian Automotive Company Profile
(
Get Free Report)
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.
Further Reading
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