Rivian Automotive (NASDAQ:RIVN) Stock Price Up 0.3% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 0.3% on Friday . The company traded as high as $10.59 and last traded at $10.46. Approximately 5,736,864 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 39,072,367 shares. The stock had previously closed at $10.43.

Analyst Ratings Changes

RIVN has been the topic of a number of analyst reports. Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. Needham & Company LLC lowered their price target on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. UBS Group lowered their price target on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lowered their price target on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Tuesday. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $15.00 price target on shares of Rivian Automotive in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and a consensus price target of $17.09.

Rivian Automotive Stock Up 0.5 %

The firm has a 50 day simple moving average of $12.10 and a two-hundred day simple moving average of $12.24. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The stock has a market cap of $10.57 billion, a price-to-earnings ratio of -1.76 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -4.88 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 169,876 shares of company stock valued at $2,153,551. 2.51% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently modified their holdings of the business. Quent Capital LLC raised its position in shares of Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 831 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 2,380 shares in the last quarter. GHP Investment Advisors Inc. grew its holdings in shares of Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Rivian Automotive during the second quarter worth about $37,000. Finally, First Horizon Advisors Inc. grew its holdings in shares of Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after buying an additional 670 shares in the last quarter. Institutional investors and hedge funds 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.