Rivian Automotive (NASDAQ:RIVN) Trading 6.6% Higher - Here's Why

Key Points

• Rivian Automotive's shares rose by 6.6% to $14.50 during trading, with a total of 31.79 million shares changing hands, though this was a 9% decline from the average trading volume.
• Analysts have adjusted their price targets for Rivian, with most recent targets ranging from $12.00 to $21.00, showcasing mixed ratings that include five "Buy," sixteen "Hold," and three "Sell" ratings.
• Rivian reported a quarterly loss of ($0.97) per share, falling short of estimates despite revenue of $1.30 billion, which exceeded expectations of $1.27 billion.

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shot up 6.6% during trading on Tuesday . The company traded as high as $14.53 and last traded at $14.50. 31,790,039 shares changed hands during trading, a decline of 9% from the average session volume of 35,071,004 shares. The stock had previously closed at $13.60.

Analysts Set New Price Targets

Several analysts have issued reports on RIVN shares. Wedbush decreased their price target on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 6th. Canaccord Genuity Group cut their price target on shares of Rivian Automotive from $23.00 to $21.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Morgan Stanley decreased their target price on Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. Piper Sandler lifted their price objective on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Finally, UBS Group cut their target price on shares of Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating for the company in a research note on Wednesday, August 6th. Five equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $13.67.

Rivian Automotive Price Performance

The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. The firm has a market cap of $17.38 billion, a price-to-earnings ratio of -4.43 and a beta of 1.81. The company's 50-day moving average is $13.07 and its 200-day moving average is $13.04.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released 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 business had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The business's quarterly revenue was up 12.5% compared to the same quarter last year. During the same period last year, the business earned ($1.46) earnings per share. Equities research analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of the company's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the completion of the transaction, the chief executive officer owned 1,333,655 shares of the company's stock, valued at $18,671,170. This represents a 1.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction that occurred on Monday, August 18th. The stock was 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. This represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. PFS Partners LLC increased its stake in shares of Rivian Automotive by 1,882.0% in the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after buying an additional 1,882 shares during the period. Assetmark Inc. raised its holdings 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 during the last quarter. Banque Transatlantique SA raised its holdings in Rivian Automotive by 13,194.1% during the 1st 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 during the last quarter. Newbridge Financial Services Group Inc. lifted 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 during the period. Finally, Fairman Group LLC bought a new stake in shares of Rivian Automotive in the 2nd quarter valued at $31,000. 66.25% of the stock is owned by institutional investors.

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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