Rivian Automotive (NASDAQ:RIVN) Trading Up 1.9% - Here's Why

Key Points

• Rivian Automotive's stock rose by 1.9% to $13.47, despite a significant 70% decline in trading volume compared to its average.
• The company reported a quarterly earnings miss with an EPS of ($0.97), falling short of the consensus estimate by $0.32, but showed a 12.5% increase in revenue year-over-year.
• Analysts have mixed ratings on Rivian, with five holding a buy rating, eighteen a hold rating, and three a sell rating, leading to a consensus rating of "Hold" with an average target price of $13.69.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was up 1.9% on Wednesday . The stock traded as high as $13.50 and last traded at $13.47. Approximately 9,979,023 shares were traded during trading, a decline of 70% from the average daily volume of 33,680,281 shares. The stock had previously closed at $13.21.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on RIVN shares. Canaccord Genuity Group cut their price objective on Rivian Automotive from $23.00 to $21.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Wall Street Zen cut Rivian Automotive from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Guggenheim cut Rivian Automotive from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Wedbush cut their price objective on Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating for the company in a research report on Wednesday, August 6th. Finally, Piper Sandler boosted their price objective on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Five investment analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $13.69.

Rivian Automotive Stock Up 0.3%

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 stock has a market capitalization of $16.07 billion, a P/E ratio of -4.10 and a beta of 1.80. The firm has a 50 day moving average of $12.99 and a 200-day moving average of $12.95.

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

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 7,247 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the transaction, the chief financial officer directly owned 789,445 shares in the company, valued at $9,694,384.60. The trade was a 0.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently modified their holdings of the stock. Larson Financial Group LLC grew its stake in shares of Rivian Automotive by 7.4% in the 1st quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker's stock valued at $131,000 after purchasing an additional 722 shares during the period. Brown Advisory Inc. grew its stake in shares of Rivian Automotive by 2.4% in the 1st quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker's stock valued at $405,000 after purchasing an additional 772 shares during the period. First National Trust Co grew its stake in shares of Rivian Automotive by 5.3% in the 1st quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker's stock valued at $199,000 after purchasing an additional 800 shares during the period. Dimension Capital Management LLC grew its stake in shares of Rivian Automotive by 5.5% in the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock valued at $208,000 after purchasing an additional 819 shares during the period. Finally, Assenagon Asset Management S.A. grew its stake in shares of Rivian Automotive by 1.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker's stock valued at $750,000 after purchasing an additional 867 shares during the period. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Company Profile

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.