Rivian Automotive (NASDAQ:RIVN) Trading Up 4% - What's Next?

Key Points

• Rivian Automotive's stock price increased by 4% to $14.68, with about 48.37 million shares traded, marking a significant rise in trading volume compared to the average.
• Equities analysts have a consensus rating of "Hold" on Rivian's shares, with an average target price of $13.67, reflecting mixed outlooks from various analysts.
• The company reported a net loss of ($0.97) earnings per share in its latest quarterly results, missing forecasts despite a 12.5% increase in revenue year-over-year.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price was up 4% on Thursday . The company traded as high as $14.94 and last traded at $14.68. Approximately 48,373,466 shares changed hands during mid-day trading, an increase of 37% from the average daily volume of 35,418,191 shares. The stock had previously closed at $14.11.

Analyst Ratings Changes

A number of equities analysts have weighed in on RIVN shares. UBS Group decreased their target price on Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating for the company in a research report on Wednesday, August 6th. Needham & Company LLC reissued a "buy" rating and issued a $14.00 target price on shares of Rivian Automotive in a research report on Monday, August 25th. Stifel Nicolaus decreased their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Morgan Stanley decreased their target price on Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. Finally, Canaccord Genuity Group reduced their price target on shares of Rivian Automotive from $23.00 to $21.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Five analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $13.67.

Rivian Automotive Stock Up 4.0%

The company's 50-day moving average price is $13.12 and its 200 day moving average price is $13.06. The stock has a market cap of $17.81 billion, a PE ratio of -4.54 and a beta of 1.81. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its 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). The firm had revenue of $1.30 billion during 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% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.46) earnings per share. As a group, analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the completion of the sale, the chief executive officer directly owned 1,316,205 shares of the company's stock, valued at approximately $18,426,870. This represents a 1.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 7,247 shares of the 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 completion of the sale, the chief financial officer directly owned 789,445 shares of the company's stock, valued at $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. Insiders sold a total of 42,147 shares of company stock valued at $577,593 over the last three months. 2.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Orion Porfolio Solutions LLC grew its holdings in Rivian Automotive by 84.0% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 32,815 shares of the electric vehicle automaker's stock valued at $451,000 after buying an additional 14,977 shares in the last quarter. MASTERINVEST Kapitalanlage GmbH purchased a new stake in Rivian Automotive during the 2nd quarter valued at approximately $859,000. B. Riley Wealth Advisors Inc. purchased a new stake in Rivian Automotive during the 2nd quarter valued at approximately $469,000. Newbridge Financial Services Group Inc. grew its holdings in Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker's stock valued at $26,000 after buying an additional 1,000 shares in the last quarter. Finally, Marex Group plc purchased a new stake in Rivian Automotive during the 2nd quarter valued at approximately $2,856,000. 66.25% of the stock is currently 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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