Rivian Automotive (NASDAQ:RIVN) Trading 4.8% Higher - 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.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was up 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.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on RIVN shares. Morgan Stanley decreased their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating for the company in a report on Wednesday, August 13th. Jefferies Financial Group restated a "hold" rating and issued a $16.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 14th. Needham & Company LLC restated a "buy" rating and issued a $14.00 price objective on shares of Rivian Automotive in a report on Monday. JPMorgan Chase & Co. decreased their price objective on shares of Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating for the company in a report on Wednesday, August 6th. Finally, Wells Fargo & Company decreased 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 report on Wednesday, May 7th. Five equities research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $13.69.

Rivian Automotive Stock Up 0.8%

The business's 50 day simple moving average is $12.99 and its two-hundred day simple moving average is $12.95. 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 issued its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) 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 previous year, the firm earned ($1.46) EPS. The company's revenue was up 12.5% on a year-over-year basis. Sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In related news, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total value 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 approximately $9,694,384.60. This represents a 0.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.16% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

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