Rivian Automotive (NASDAQ:RIVN) Shares Up 1.2% - What's Next?

Key Points

• Rivian Automotive's stock rose by 1.2% to close at $12.21, with trading volume significantly below average at approximately 15.35 million shares.
• Equity analysts have mixed opinions on Rivian, with an average rating of "Hold" and target prices ranging from $9.00 to $16.00 among various firms.
• The company reported a quarterly earnings loss of ($0.97) EPS, missing estimates, but posted a 12.5% increase in revenue year-over-year, indicating some positive growth potential.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) rose 1.2% during mid-day trading on Friday . The stock traded as high as $12.30 and last traded at $12.21. Approximately 15,345,461 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 32,921,871 shares. The stock had previously closed at $12.06.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of research analyst reports. JPMorgan Chase & Co. decreased their target price on Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating on the stock in a research note on Wednesday, August 6th. Wedbush dropped their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating for the company in a report on Wednesday, August 6th. Mizuho lifted their price target on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Wells Fargo & Company cut their price objective on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 7th. Finally, Jefferies Financial Group reiterated a "hold" rating and issued a $16.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 14th. Five analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $13.69.

Rivian Automotive Stock Down 1.3%

The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. The business has a fifty day simple moving average of $13.09 and a 200-day simple moving average of $12.94.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share 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 business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the prior year, the business posted ($1.46) EPS. Rivian Automotive's revenue for the quarter was up 12.5% on a year-over-year basis. On average, equities analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction on Monday, August 18th. The stock was 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 of the company's stock, valued at approximately $9,694,384.60. This represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RIVN. PFS Partners LLC raised its position in Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after buying an additional 1,882 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Rivian Automotive by 315.6% during the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker's stock valued at $25,000 after purchasing an additional 1,357 shares during the last quarter. Banque Transatlantique SA lifted its position in 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 valued at $26,000 after purchasing an additional 2,243 shares during the period. Newbridge Financial Services Group Inc. boosted its holdings in 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 worth $26,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Fairman Group LLC bought a new stake in Rivian Automotive in the 2nd quarter worth approximately $31,000. 66.25% of the stock is owned by hedge funds and other 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.