Rivian Automotive (NASDAQ:RIVN) Trading Up 4.8% - Here's What Happened

Key Points

• Rivian Automotive's shares increased by 4.8% to $12.71, despite a significant 60% decline in trading volume compared to the daily average.
• The company reported a quarterly earnings miss with an EPS of ($0.97), falling short of expectations, although revenue was up 12.5% year-over-year.
• Wall Street analysts currently show mixed sentiment, with five rating the stock as a Buy, while eighteen have given it a Hold rating, reflecting a consensus target price of $13.69.

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) rose 4.8% on Friday . The company traded as high as $12.74 and last traded at $12.71. Approximately 13,428,237 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 33,294,516 shares. The stock had previously closed at $12.12.

Wall Street Analyst Weigh In

RIVN has been the subject of several research reports. Piper Sandler raised their price objective on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. JPMorgan Chase & Co. cut their price objective on Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating for the company in a report on Wednesday, August 6th. Jefferies Financial Group reissued a "hold" rating and set a $16.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 14th. Wall Street Zen lowered Rivian Automotive from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $15.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 7th. Five analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $13.69.

Rivian Automotive Stock Performance

The firm has a market capitalization of $15.88 billion, a P/E ratio of -4.05 and a beta of 1.80. The stock has a fifty day simple moving average of $13.01 and a two-hundred day simple moving average of $12.94. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) 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) EPS. The company's revenue was up 12.5% compared to the same quarter last year. On average, research analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 7,247 shares of the 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 approximately $9,694,384.60. This represents a 0.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Brighton Jones LLC boosted its stake in shares of Rivian Automotive by 28.0% in the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock worth $235,000 after buying an additional 3,864 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its stake in Rivian Automotive by 517.0% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 55,567 shares of the electric vehicle automaker's stock worth $739,000 after acquiring an additional 46,561 shares during the last quarter. Natixis grew its stake in shares of Rivian Automotive by 22.1% during the fourth quarter. Natixis now owns 17,331 shares of the electric vehicle automaker's stock valued at $231,000 after buying an additional 3,135 shares during the last quarter. OneDigital Investment Advisors LLC boosted its holdings in shares of Rivian Automotive by 36.1% in the fourth quarter. OneDigital Investment Advisors LLC now owns 16,406 shares of the electric vehicle automaker's stock valued at $218,000 after purchasing an additional 4,353 shares during the period. Finally, Hsbc Holdings PLC boosted its holdings in shares of Rivian Automotive by 6.6% in the fourth quarter. Hsbc Holdings PLC now owns 1,233,406 shares of the electric vehicle automaker's stock valued at $16,608,000 after purchasing an additional 76,509 shares during the period. Institutional investors own 66.25% of the company's stock.

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.

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