Rivian Automotive (NASDAQ:RIVN) Trading 2.1% Higher

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded up 2.1% during trading on Monday . The company traded as high as $14.72 and last traded at $14.26. 14,345,443 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 41,799,688 shares. The stock had previously closed at $13.96.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RIVN. Barclays increased their price target on Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 16th. The Goldman Sachs Group lifted their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Monday, July 1st. JPMorgan Chase & Co. raised their price objective on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a research note on Wednesday, June 26th. Wedbush reissued an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a research report on Wednesday, August 7th. Finally, UBS Group dropped their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $18.14.

Rivian Automotive Price Performance

The business’s fifty day simple moving average is $14.77 and its 200-day simple moving average is $12.33. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The firm has a market cap of $13.77 billion, a P/E ratio of -2.40 and a beta of 2.09.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. As a group, analysts forecast that Rivian Automotive, Inc. will post -4.72 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,234,023.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 488,926 shares of company stock valued at $7,552,869. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently modified their holdings of the company. Quent Capital LLC raised its stake 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 acquiring an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares during the period. Principal Securities Inc. bought a new stake in Rivian Automotive in the fourth quarter worth $33,000. Benjamin Edwards Inc. purchased a new stake in Rivian Automotive during the first quarter valued at about $33,000. Finally, Fairman Group LLC bought a new position in shares of Rivian Automotive during the fourth quarter valued at about $36,000. 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.